37th Week Carbon Credit Markets 2025. Report; carbon credits and real estate auctions🇧🇷, Africa, 🇩🇴; 🚨NDCs; 🇪🇸Climate Pact; ♻️Nordics-🇧🇷; ⚡Dan Ioschpe blunt; CBAM; Stock Exchanges 🇨🇳 🇮🇩
- Art Dam
- 3 days ago
- 10 min read
Monday, 22 September 2025.
Highlights from the 37th Carbon Credit Markets 2025 week.
- Carbon Credits. Diversity and dynamism in 4 recent highlights: the 🔔exclusive preview of the MSCI report, which analyzes 4,400 projects and the impact of Article 6; the real estate auction by Banco do Brasil🇧🇷, which accepts carbon credits as bids; the progress of 🌍 West Africa featured in the 2025 Edition of the Carbon Markets Outlook; and the institutional strengthening in the 🇩🇴 Dominican Republic in partnership with Verra.
- Other Highlights. What the new NDCs incorporate regarding Article 6 and carbon credits — 🚨and whether your country is already among those that have submitted; the pioneering Climate Pact launched in Spain🇪🇸; the alliance between Brazil and Nordic countries for a circular economy♻️; and ⚡Dan Ioschpe’s powerful speech at the event.
- Opportunities. How companies are preparing for CBAM 🇪🇺; the Shanghai Stock Exchange 🇨🇳 advances consultations on sustainability reporting; Indonesia 🇮🇩 consolidates its Carbon Exchange; and the UN 🇺🇳 launches new public consultations on Article 6.4 standards.
- Events. 📣 European Hydrogen Week, SAE Congress Brazil 2025, Webinar Gold Standard on soil organic carbon, the Forest Sciences Symposium, Singapore Carbon Market & Investor Forum, Carbon Markets Africa Summit, IFRS Sustainability Symposium.
CARBON CREDITS
🔔 Exclusive Preview: New MSCI Report Analyzes 4,400 Carbon Projects and the Impact of Article 6
During the webinar held on September 11, MSCI shared key insights from its upcoming State of Integrity in the Global Carbon Credit Markets 2025 report, to be released in the coming days. Here’s the 2024 edition.
Moderated by Theresa Bodner (MSCI), Tristan Loffler of MSCI Carbon Markets presented a detailed analysis of the more than 4,400 projects evaluated by the platform, highlighting the increased demand for highly rated credits (A or higher) and the emergence of an “integrity premium” in prices. He also addressed Article 6 of the Paris Agreement as an emerging risk and transformation factor for carbon credit markets, including concerns about double counting and the need for corresponding adjustments, which could affect the eligibility and integrity of credits in the voluntary market. At the same time, Article 6 is seen as an opportunity to strengthen governance and standardization.
Klas Wetterberg of the OECD presented the study "Exploring Governments' Efforts to Shape Carbon Credit Markets," which proposes concrete actions to improve market integrity. He highlighted the importance of formative and normative public policies—such as certifications, tax incentives, and regulations—to guide demand and raise credit quality standards. Regarding demand in 2023, he noted: "less than 10% of traded credits had a trading value above US$10." The OECD also advocates using existing standards as a basis for future improvements, signaling to the market that current eligibility is temporary.
Other experts such as Anaïs Bach (hummingbirds) and Julia Strong (Symbiosis Coalition) reinforced the need for transparency, innovation and collaboration between the public and private sectors.
🇧🇷 Real estate auction with carbon credits? Yes, and it's not the first time.
Yes, you read that right. And this isn't the first time Carbon Credit Markets has announced this type of Banco do Brasil (BB) auction, as you may recall in this 2023 post.
According to article 15.4.1 of the notice, the successful bidder “may pay up to 95% of the value corresponding to the auction of the property, with carbon credit certificates, and the amount to be paid when negotiating the aforementioned percentage must represent whole units of carbon credit certificates”.
The following standards for carbon credit certificates recognized by the voluntary market are accepted by BB:
VCS – Verified Carbon Standard
Gold Standard and
GCC - Global Carbon Council
Its origin must be proven, certification standard and traceability of CERs/RVEs, as well as the possibility of transfer to BB, with registrations accepted on one of the following public platforms:
VERRA
ACR Carbon
According to Appendix 7 of the notice, 10 lots were offered for sale. At the time of publication, there were four still unsold, in the following states: Ceará, Minas Gerais, Piauí, and Roraima. See the auctioneer's website here. Perhaps they are still there.
Since 2023, the price has fallen from R$88.27 to approximately R$69.96 per ton of CO2eq (Appendix 9 "Survey of market prices for carbon credits – BB Treasury and latest BB negotiations").
Below is the document Public Auction No. 2025/210004V(9055) Notice of Bidding for the Sale of Real Estate for Cash – With the Possibility of Carbon Credit Certificates.
🌍 Overview of Carbon Markets in West Africa – 2025 Edition
The document West Africa Carbon Markets Hub – 2nd Edition 2025 presents a comprehensive snapshot of the progress of carbon markets in West Africa, highlighting national initiatives, regional opportunities, and structural challenges. It explores how countries like Senegal, Côte d’Ivoire, Ghana, and Nigeria are developing climate policies aligned with the Paris Agreement, focusing on the generation of high-integrity carbon credits. The publication also emphasizes the growing role of private actors, NGOs, and multilateral institutions in building the technical and regulatory infrastructure needed to enable reliable and scalable carbon transactions.
In addition, the report analyzes emerging trends such as the use of Internationally Transferred Mitigation Outcomes (ITMOs), the interest of global buyers in African projects, and the importance of ensuring local social and environmental benefits. The 2025 edition reinforces the need for regional cooperation and for platforms like the Hub itself to facilitate knowledge exchange, promote transparency, and attract investment.
🇩🇴 Strengthening Carbon Markets in the Dominican Republic
Verra has just signed a Memorandum of Understanding with the National Council for Climate Change and the Carbon Market of the Dominican Republic (CNCCMC), marking an important step toward expanding the role of carbon markets in the country. The partnership includes capacity-building and knowledge-sharing activities, such as training sessions on how carbon markets work, Verra’s standards, and the process for registering projects under the Verified Carbon Standard (VCS) program.
Moreover, the agreement paves the way for carbon credits generated by domestic projects to be used as Internationally Transferred Mitigation Outcomes (ITMOs), in line with Article 6.2 of the Paris Agreement. This initiative is linked to a bilateral agreement between the Dominican Republic and Sweden, which will enable the trade of these credits between the two countries. Here’s the press release.
🇺🇳 Interim solution for carbon transactions pending Paris Agreement registration
This is the Interim Registry of the Article 6.4 Mechanism (IMR), launched in late 2024. The new user guide and associated forms explain how to use the IMR, which allows the transfer of Certified Emission Reductions (CERs) from the Clean Development Mechanism (CDM), ensuring continuity and readiness for authorized countries and entities. It is intended for governments and stakeholders wishing to operate under this mechanism, with more information available on the official UNFCCC website.
OTHER HIGHLIGHTS
🚨Has your country submitted its new NDCs yet? See who's ahead
On August 25th, we listed the countries that had already updated their NDCs. Although the top emitters that haven't yet done so remain the same as we reported at the time, it seems the warning was valid. Since then, we've received NDCs from nine more countries. Here's what each country had to say about carbon credits and Article 6.
🇧🇧 Barbados
“Barbados is committed to contributing to discussions on international cooperation through Article 6 of the Paris Agreement. Barbados continues to support the supplementarity position of AOSIS that seeks to limit the use of market mechanisms to less than actual domestic effort. Double counting shall be avoided to preserve the environmental integrity of such a market.”
🇸🇴 Somalia
“Participation in carbon markets under Article 6 … will be crucial … Key mitigation actions include … Mobilization of carbon credits schemes, Payment for Ecosystem Services (PES), and REDD+. … Private Sector Engagement … agribusinesses can apply climate-resilient irrigation systems or improved livestock practices to reduce methane and nitrous oxide emissions, which can be quantified and monetized as carbon credits under Article 6.4 or through the voluntary carbon market. The private sector can also benefit from bilateral agreements under Article 6.2, where international buyers purchase Internationally Transferred Mitigation Outcomes (ITMOs).”
“Liechtenstein … will implement all relevant Article 6 guidance … The Liechtenstein Government has decided in 2023 to realise ITMOs primarily through bilateral agreements, based on Article 6.2.”
🇮🇸 Iceland
“Iceland seeks to fulfil the NDC through the climate cooperation with the European Union and Norway … A decision on the use of voluntary cooperation under Article 6 of the Partis Agreement is pending.”
🇷🇸 Serbia
“The Republic of Serbia is a small country with a relatively small population”. Nada mencionado sobre créditos de carbono ou sobre article 6.
🇦🇴 Angola
In addition to a full dedicated chapter — “6.4.2. CARBON MARKETS” — the following excerpts:
“Angola intends to use financial mechanisms associated with climate finance and market mechanisms … includes the use of international carbon markets, both the Article 6 mechanisms and the voluntary carbon market … Article 6 of the Paris Agreement is of the uppermost importance … potential of international cooperation approaches for countries in the same situation as Angola.”
“The Vatican City State intends to achieve its national emission reduction targets through national measures. However, if domestic reductions prove insufficient to achieve the set objectives the use of international mechanisms is not excluded, as provided for in Article 6 of the Paris Agreement.”
🇦🇺 Australia
“Existing mechanisms include the Australian Carbon Credit Unit Scheme, which incentivises projects that avoid emissions or sequester carbon from the atmosphere … projects undertaking fire management methods are issued on average 1.2 million Australian Carbon Credit Units each year … Australia currently has no plan to engage in international cooperative approaches under Article 6 of the Paris Agreement towards achievement of its NDC …”
🇳🇮 Nicaragua
Although Nicaragua’s NDC does not explicitly mention Article 6 or carbon credits, it references a national strategy that positions the country as active in the REDD+ agenda and with potential to integrate into climate market mechanisms.
Here is the list of countries that have already updated their NDCs (as of September 20, 2025):
2024 (6)
United Arab Emirates (Nov 6), Brazil (Nov 13), Switzerland (Nov 14), United States (Dec 19), Botswana(Dec 24), Uruguay (Dec 30)
2025 – 1st Quarter (15)
United Kingdom (Jan 30), New Zealand (Jan 31), Lesotho (Feb 5), Andorra (Feb 5), Saint Lucia (Feb 6), Ecuador (Feb 6), Zimbabwe (Feb 10), Marshall Islands (Feb 10), Singapore (Feb 10), Canada (Feb 12), Japan (Feb 18), Montenegro (Feb 21), Cuba (Feb 27), Maldives (Feb 27), Zambia (Mar 10)
2025 – 2nd Quarter (6)
Kenya (Apr 30), Moldova (May 6), Nepal (May 19), Belize (Jun 14), Somalia (Jun 19), Norway (Jun 26)
2025 – 3rd Quarter (13)
Monaco (Jul 16), Niue (Jul 17), Cambodia (Aug 8), Solomon Islands (Aug 13), Barbados(Aug 30), Somalia (Sep 8), Liechtenstein (Sep 10), Iceland (Sep 12), Serbia (Sep 12), Angola (Sep 13), Vatican (Sep 16), Australia (Sep 18), Nicaragua (Sep 19)
🇪🇸Spanish Government Proposes Climate Pact to Address Growing Risks. A Model for Other Countries?
In response to the intensification of natural disasters and the inadequacy of current response mechanisms, Prime Minister Pedro Sánchez has proposed a State Pact for the Climate Emergency. The initiative comes amid the increasing frequency of wildfires, droughts, and floods, which have exposed structural weaknesses in prevention and reconstruction efforts. Key objectives include securing permanent resources, improving coordination among administrations, and strengthening civil protection through the creation of a new specialized national agency.
Sánchez also emphasized that the climate crisis demands a profound transformation in territorial management and production models. The plan includes measures such as forest adaptation, urban climate refuge networks, support for agroecology, and environmental education. The proposal will undergo public consultation and be presented to European partners, reinforcing Spain’s commitment to a collective and structured response to the climate emergency.
More details are available on the official website of the Spanish government.
♻️ Brazil and Nordic Countries Join Forces: Circular Economy as a Path to Decarbonization In the lead-up to COP30, on September 19, 2025, Carbon Credit Markets took part in the event “Nordic-Brazilian Connection: Circular Economy Strategies for Decarbonization” at FIESP, which brought together Brazilian and Nordic leaders to discuss decarbonization strategies centered on the circular economy. Highlights included the National Circular Economy Plan (PLANEC) and initiatives such as the World Circular Economy Forum 2025, promoted by Finland’s Sitra:
“Sitra will be in Belém with full force.”
Representatives from CETESB, MDIC, the São Paulo City Hall, and Nordic consulates emphasized the importance of international cooperation, the valorization of tropical materials, and circularity in production chains. Thematic panels covered alternative fuels, waste management, and circular mining, with practical examples such as decarbonized fertilizers, the DNV CCS 2025 report (already published), green ammonia-powered ships (they already have electric ones), and tailings reuse by Vale.
Dan Ioschpe, 2nd Vice President of FIESP and COP30 High-Level Champion, also attended and delivered a powerful statement:
“The only strategic path is sustainable socio-economic development. COP30 will be a breeding ground for solutions.”
Here’s the FIESP article on the event.
OPPORTUNITIES
🇪🇺Countdown to CBAM 2026: How Businesses and Industries Are Getting Ready. In this recent OPIS webinar, two companies stood out:
CBAMBOO (Gabriel Rozenberg), which helps importing companies forecast, calculate, and manage their costs related to the European carbon border tax (CBAM) — from the moment of purchase to the final report; and
GMK Center (Stalislav Zinchenko), a Ukrainian consultancy and think tank that provides analysis, data, and insights on industrial sectors such as steel, energy, cement, and fertilizers, with a focus on sustainability, global trade, and climate policy.
🇨🇳 Shanghai Stock Exchange opens consultation on sustainability reports. Three new guidelines are being covered: Pollutant Emission, Energy Utilization, and Water Utilization — available in English for reading and download:
🇮🇩 Indonesia Carbon Exchange. Since its launch in September 2023 through June 2025, the Carbon Exchange has reached a cumulative value of IDR 77.95 billion with a total traded volume of 1,599,322 tCO₂e. See the image below — or click here — to check how the Investor Relations Unit of the Indonesia Financial Services Authority (OJK-IRU) reports regularly.
🇺🇳 Public consultations on new standards under Article 6.4. There are two: open until September 24, on preliminary standards for non-permanence and common practice; and until September 30, on methodologies related to solid waste, gas flaring, GHG flows, and investment analysis. Contributions will be reviewed at the next meeting on October 13–14. Calls for submissions are available on this page (Current calls), and full documents can be accessed here and on the official UNFCCC website.
EVENTS
🇧🇪📍September 29–October 3, European Hydrogen Week #EUH2Week2025. In Brussels, Belgium.
🇧🇪📍September 30, Climate action that works for you – An agenda for competitiveness, prosperity and resilience. At the European Commission’s Charlemagne building in Brussels.
🇧🇷📍October 7th and 8th, SAE Brazil 2025 Congress. In São Paulo.
🖥️📍October 14, Gold Standard Webinar on Soil Organic Carbon. Focused on the new guidelines for the organic carbon model, with experts in nature-based solutions, agricultural consulting, and data innovation discussing the model’s advancements and practical applications.
🇧🇷🌳 October 14-16, Carbon Market: The Benefits for the Forestry Sector - 5th Symposium on Forest Sciences of Espírito Santo, Brazil. By the Federal University of Espírito Santo.
🇸🇬📍October 16-17, Singapore Carbon Market & Investor Forum. By the Carbon Market Institute.
🇿🇦📍October 21-23, Carbon Markets Africa Summit (CMAS). Johannesburg, South Africa.
🇬🇧🖥️📍October 30, IFRS Sustainability Symposium ‘Pathways to adoption’. Online or in person at Convene Sancroft, St. Paul’s, London.
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