Analysis of Voluntary Carbon Market Stakeholders and Intermediaries

The report analyzes the voluntary carbon market (VCM), focusing on the opaque role of intermediaries and the lifecycle of carbon credits from creation to retirement. It identifies a lack of transparency in transaction data and pricing, noting that while project creation and end-user claims are somewhat documented, the movements of credits between issuance and retirement remain largely hidden. The analysis details the costs associated with different project types—renewable energy, household devices, and forestry—and the various fees charged by registries and intermediaries. It concludes with recommendations for registries and corporations to increase disclosure of account holders and retirement details to improve market trust.

• The voluntary carbon market (VCM) has experienced significant growth, with the number of retired credits increasing from 50 million in 2017 to 200 million in 2021.
• The VCM is dominated by specific project sectors and registries; Verra (VCS) holds a majority market share of retirements at 66%, and renewable energy projects have accounted for 40% to 60% of annual retirements since 2009.
• There is a critical lack of transparency regarding the movement of credits between issuance and retirement, with approximately 40% of all credits ever retired in the VCM being completely anonymous.
• Intermediaries employ diverse deal structures and pricing models, with some retail resellers charging markups that can reach nearly triple the wholesale price for renewable energy credits.
• The number of Sustainable Development Goals (SDGs) a project claims to contribute to significantly influences its price; projects with five or more SDGs command a 19% higher price than those with none or one.
• Registry fees vary by provider, with combined issuance and registration costs for a project targeting 100,000 units per year ranging from $13,100 (VCS) to $31,900 (GS).

APA

Carbon Market Watch (2023). Analysis of Voluntary Carbon Market Stakeholders and Intermediaries. https://carbonmarketwatch.org/wp-content/uploads/2023/02/Stakeholder-Analysis-for-the-Voluntary-Carbon-Market.pdf

Chicago

Carbon Market Watch. Analysis of Voluntary Carbon Market Stakeholders and Intermediaries. 2023. https://carbonmarketwatch.org/wp-content/uploads/2023/02/Stakeholder-Analysis-for-the-Voluntary-Carbon-Market.pdf.

Wikipedia

{{cite report |author=Carbon Market Watch |title=Analysis of Voluntary Carbon Market Stakeholders and Intermediaries |date=1 February 2023 |url=https://carbonmarketwatch.org/wp-content/uploads/2023/02/Stakeholder-Analysis-for-the-Voluntary-Carbon-Market.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{carbonmarketwatch2023analysis, author = {{Carbon Market Watch}}, title = {{Analysis of Voluntary Carbon Market Stakeholders and Intermediaries}}, institution = {Carbon Market Watch}, year = {2023}, month = feb, url = {https://carbonmarketwatch.org/wp-content/uploads/2023/02/Stakeholder-Analysis-for-the-Voluntary-Carbon-Market.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }