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The report argues that fossil fuel supermajors use the voluntary carbon market (VCM) as a strategic pillar to maintain a green image while continuing carbon-intensive operations. It details how these companies and trade associations like IETA and API lobby for weaker credit quality standards and increased flexibility in offsetting Scope 3 emissions. The document specifically critiques the governance of the Integrity Council for the Voluntary Carbon Market (ICVCM) and the Voluntary Carbon Markets Integrity Initiative (VCMI), alleging that the inclusion of industry representatives in decision-making roles creates significant conflicts of interest that risk diluting integrity standards.

The report argues that India's reliance on liquefied petroleum gas (LPG) and piped natural gas (PNG) creates energy security risks and fiscal burdens due to high import dependence and subsidies. It advocates for a shift toward decentralized biogas for rural households and e-cooking for urban areas to align with net-zero goals. Fieldwork in Punjab, Rajasthan, and Uttarakhand shows that biogas is highly satisfactory and reduces firewood use by 70%, though high upfront costs remain a barrier. In urban centers like Delhi and Bengaluru, e-cooking is found to be cheaper in operational expenditure than LPG or PNG, with the potential to save the government up to INR 2.4 trillion in subsidies by 2050 under a high-growth scenario.

Despite the veto of SB 643, California can leverage SB 840 and the Greenhouse Gas Reduction Fund to scale its carbon dioxide removal industry, ensuring it meets its 2030 and 2045 targets while preventing homegrown companies from relocating.

The Canadian Climate Institute argues that current federal diagnostic tests for industrial carbon pricing systems primarily measure market liquidity rather than regulatory rigor, leading to 'false positives' where systems appear compliant but fail to provide sufficient investment signals. Based on modeling of 57 scenarios for Alberta's TIER system, the Institute recommends anchoring equivalence to an Effective Marginal Credit Price (EMCP) of $130 per tonne by 2030. It identifies benchmark tightening as the primary driver of rigor, while noting that direct investment tax credits systematically dilute the price signal. The Institute calls for transparent, ongoing performance monitoring and the inclusion of non-negotiable design elements, such as evolving price floors and ceilings, to ensure provincial systems meet national climate goals.

The report finds that investor climate targets are often opaque, lack ambition, and are poorly linked to real-world emission reductions. Analysis of 83 global investors reveals that many targets rely on volatile financial metrics, exclude scope 3 emissions, and are frequently reported as achieved long before their deadlines. The document recommends that investors adopt science-based sectoral targets, increase transparency in reporting, and align climate solutions investments with established taxonomies.

The Development Bank of Southern Africa (DBSA), supported by the Climate Policy Initiative and Promethium Carbon, has developed two financial instruments to scale the voluntary carbon market (VCM) in South Africa. A proposed carbon credit-backed bond would raise capital for project loans, with repayments consisting of cash interest and carbon credits. A Carbon Repo Facility would provide short- to medium-term liquidity by allowing developers and banks to sell carbon credits with an agreement to repurchase them later. These tools aim to bridge the gap between high demand for offsets—driven by the national carbon tax—and a limited supply of bankable projects caused by high early-stage costs and regulatory ambiguity.

The document addresses the financing gap for urban Nature-based Solutions (NbS) in India, where investment remains heavily dependent on public funds. It proposes a three-step guidance framework: identifying the enabling policy environment, leveraging financial and business mechanisms, and applying a nine-factor project evaluation framework. The guide maps existing Indian national and sub-national policies—including forestry, water, and infrastructure schemes—that can be leveraged for NbS. It also catalogues various financial instruments (such as municipal bonds, green bonds, and blended finance) and business models (including carbon credits and user-pay systems) to improve project bankability. A repository of nine global and domestic case studies, such as Chennai's municipal bonds for stormwater drainage and Chicago's Tax Increment Financing for green roofs, illustrates replicable approaches for Indian urban contexts.

The report identifies an investible renewable energy market in South Africa of R161.2 billion across 12.9 GW of capacity by 2030. It highlights two primary investment areas: large-scale solar PV, wind, and battery energy storage systems (BESS) targeting the private wheeling market, and behind-the-meter (BTM) solar PV and BESS for commercial and industrial users. Key drivers include electricity price instability, decarbonisation pressures from international regulations like the EU's CSRD, and energy security needs. However, the market faces significant barriers, most notably severe grid connection constraints in high-resource zones and a lack of standardised municipal wheeling frameworks. The report also notes the transition toward a competitive South African Wholesale Electricity Market (SAWEM) and the introduction of the Independent Transmission Infrastructure Procurement Programme (ITIPP) to attract private capital for grid expansion.

The document examines the evolution of carbon pricing globally and regionally, with a deep dive into Southeast Asian markets. It analyzes the impact of the EU's Carbon Border Adjustment Mechanism (CBAM) on regional exports and the progress of Article 6 of the Paris Agreement. Specific country updates detail Indonesia's operational ETS, the Philippines' legislative efforts toward a cap-and-invest system, and Viet Nam's pilot phase for a national compliance market.

The author contends that Alberta's TIER carbon market is currently broken, with credit prices hovering below $20 a tonne despite a headline price of $95. To align with the Alberta-Canada Memorandum of Understanding (MOU) goal of a $130 per tonne minimum price by 2030, the document proposes reducing the 48 million surplus credits through a revenue-recycling procurement fund and tightening performance standards to limit the supply of new credits and offsets.

The document analyzes the failure of Alberta's TIER system, where carbon prices remain below $20 per tonne despite a $95 reference price, due to an excess of 48 million credits. It proposes a memorandum of understanding between Canada and Alberta to target a $130 per tonne price by 2030, suggesting the creation of a procurement fund to retire at least 10 million tonnes of excess credits by 2030 and the tightening of performance standards to reduce future credit supply.

The report examines the diverse strategies employed by three major ASEAN economies—Viet Nam, the Philippines, and Indonesia—to unlock clean energy investments. Viet Nam is focusing on gradual liberalisation and corporate power purchase agreements (DPPA) to potentially double its renewable energy share. The Philippines is leveraging a long-standing liberalised market, utilizing Green Energy Auctions (GEA) and 100% foreign ownership to attract capital. Indonesia is implementing PPA reforms to manage currency risk and integrating carbon market mechanisms to incentivise developers, with solar identified as the most viable near-term expansion option.

Viet Nam, the Philippines, and Indonesia are transitioning from coal-reliant economies to renewable energy hotspots, collectively accounting for nearly 60% of ASEAN's power demand and emissions. While all three have set ambitious 2030 targets for renewables to exceed 50% of installed capacity, they face bottlenecks in permitting, grid infrastructure, and financial risk. The report highlights that solar-plus-battery integration significantly improves internal rates of return (IRR), particularly in Indonesia, and emphasizes the role of market reforms—such as Viet Nam's Direct Power Purchase Agreements and the Philippines' removal of foreign ownership restrictions—in attracting private capital.

The report evaluates CCUS as a primary decarbonization lever for India's steel sector, specifically targeting the emission-intensive BF-BOF route. It identifies single-point pre-combustion capture with gas conditioning as the most cost-effective technical approach, with a net CO2 abatement cost of USD 5560/tCO2. The study maps seven steel clusters in Eastern India and finds significant geological storage potential, primarily in deep saline aquifers (estimated at 62 Gt). To overcome high capital costs, the report proposes novel financing instruments like Partial Deep Discount Carbon STRIPS (PDDCS) bonds and the establishment of a Carbon Capture Finance Corporation (CCFC). It concludes that a breakeven carbon price of approximately INR 2,099 (USD 25)/tCO2 is necessary for project financial viability in a mature market.

Carbon Market Watch argues that Verra's VM0052 methodology for coal transition credits is flawed and risks issuing low-quality credits that do not represent real emission reductions. The briefing identifies critical failures in additionality testing, baseline setting, leakage prevention, and just transition safeguards, specifically highlighting risks in the Philippines' energy context. It recommends a total suspension of the methodology until significant revisions are made to prevent overissuance and carbon leakage.

Carbon Market Watch concludes that Verra's VM0052 methodology for coal-to-clean carbon credits is inadequate and should not be used to issue credits in its current form. The report identifies critical risks of carbon leakage, over-estimation of emission reductions due to static baseline assumptions, and potential double counting. It also finds that the 'just transition' requirements are too vague and susceptible to manipulation, particularly regarding benefit-sharing and worker compensation. Using the South Luzon Thermal Energy Corporation (SLTEC) project in the Philippines as a case study, the report illustrates how independent power producers could build new coal plants to replace retired capacity, nullifying climate benefits. The author urges Verra to suspend the methodology and implement substantive revisions.

Carbon Market Watch argues that Verra’s VM0052 methodology for coal transition credits is significantly flawed and should be put on hold. The briefing identifies critical risks of carbon leakage due to low renewable energy pairing requirements, weaknesses in baseline-setting and additionality tests, and inadequate safeguards against double issuance. It also finds that just transition provisions are unreliable, particularly regarding benefit-sharing and stakeholder mediation. Using a case study of the South Luzon Thermal Energy Corporation (SLTEC) in the Philippines, the document illustrates how the methodology could allow for the overissuance of credits that do not represent real emission reductions.

The report evaluates the effectiveness of VSSs and corporate strategies in mitigating deforestation, particularly for commodities like soy, palm oil, cocoa, and timber. It finds that while preventive measures (Plan/Prepare) are strong and improving through geospatial technology, immediate response and recovery mechanisms are often generic or limited. The report advocates for a 'smart mix' of solutions, combining certification with landscape-level initiatives and financial incentives to build long-term resilience and sustainable value chains.

The document examines three private natural reserves in Brazil (Legado das Águas, Reserva Natural Vale, and Parque das Neblinas) as models of private sector contribution to biodiversity conservation. It details their histories, governance, and ecological impacts, while discussing the challenges of social inclusion and the potential for these areas to be recognized as OECMs to support global and national biodiversity targets.

The document examines Ejido Noh-Bec, a 24,122-hectare community-managed forest in Quintana Roo, Mexico. It highlights the ejido's transition from external concessions to self-management, its achievement of FSC certification, and its resilience following Hurricane Dean in 2007. The study details a governance model involving an Assembly and an inclusive Advisory Council, as well as a diversified economy based on sustainable timber, chicle extraction, and ecotourism. While the ejido maintains a 1,200-hectare conservation reserve called 'El Huasteco,' it faces challenges from climate-related extreme weather, illegal logging linked to the Tren Maya project, and bureaucratic hurdles regarding CITES and carbon credit schemes.