2024 sees 13.16 mil CCP-approved carbon credits issued, 3.42 mil retired

Carbon credit retirements of methane collection and industrial pollutants with the Core Carbon Principles label totaled 3.42 million in 2024, according to data gathered by S&P Global Commodity Insights.

The Integrity Council for Voluntary Carbon Markets, or ICVCM, granted the CCP label to 27 million carbon credits back in June 2024, after the approval of seven carbon crediting methodologies, including projects under two broad categories: Ozone Depleting Substances and Landfill Gas Capture and Utilization.

The council later approved the label for three REDD+ methodologies and Verra's VM0047 Afforestation, Reforestation, and Revegetation methodology.

Issuances of CCP-approved credits totaled 13.16 million in 2024. The majority of credits were issued in January 2025, with 4.62 million credits issued under the methane collection category but none for industrial pollutants.

The highest number of retirements for CCP-approved industrial pollutants and methane collection credits took place in October, with 597,203 credits retired, of which 444,201 for methane collection credits and 153,002 for industrial pollutants.

Globally, Brazil issued the most CCP-approved credits from all registries in 2024, totaling 2.4 million credits. CCP-approved credits from Bangladesh were second globally, totaling 1.66 million credits, while credits from China totaled 1.47 million credits in issuances -- all three under methane collection methodologies.

The highest volume of retirements in 2024 for CCP-approved credits were of Bangladesh-origin methane collection projects, with 650,172 credits retired in the year. Methane collection projects from China were the second highest total of 2024 retirements at 370,219 credits, according to Commodity Insights data.

Credits were retired from the ACR, CAR, Gold Standard, and Verra registries, with vintages ranging from 2009 to 2024.

Despite the labelling of select methodologies by the ICVCM, the market reaction has remained lukewarm, with limited trading activity heard through the course of 2024 and into 2025.

Some deals took place in December 2024 and January 2025. A total of 22,000 mt of VCS-certified, CCP-approved landfill gas credits, ID 4469, with a 2023 vintage was traded at $4.50/mtCO2e during the week that began Dec. 23, a Turkey-based developer said.

"Generally, in countries like Turkey and Brazil nowadays almost only [landfill gas] credits are traded", the source said.

A deal was also heard for 100,000 mt of VCS-certified, CCP-approved landfill gas credits with a 2014-2015 vintage, traded during the week that began Jan. 6 at $3.10-$3.20/mtCO2e, a Europe-based trader said.

VCS, CCP-approved landfill gas credits, ID 3448, sourced from Brazil was traded in early December at $5.40/mtCO2e, the same trader said.

Additionally, 100,000 mt of GS-certified, CCP-approved landfill gas credits with a 2020 vintage was traded at $3.10/mtCO2e during the week that began Dec. 27, another Turkey-based broker/trader said, noting that the initial demand was for 500,000 mt, but the buyer wanted to separate the volume into smaller clips.

Indications of the price premium carried by CCP-approved credits compared to non-CCP-approved counterparts varied between 70 cents/mtCO2e and $2.00/mtCO2e.

The premium carried by CCP credits would take a couple of years to come into effect, according to a Europe-based broker, as the market needs further development in terms of supply and education about the label. The source that the premium might range from $1/mtCO2e to a few dollars in the coming years.

Other market participants have said that there is currently no premium carried by CCP-approved credits, with a Turkey-based developer quoting prices of CCP-approved landfill gas credits in the same ranges as non-CCP landfill gas credits.

Platts, part of Commodity Insights, assessed the Methane Collection Current Year price, which reflects VCS-certified non-CCP approved landfill gas credits from Turkey, at $3.50/mtCO2e Jan. 16.

CCP approvals pending

Several programs and methodologies are still awaiting the ICVCM's decision on CCP eligibility. Cercarbono, Ecosystem Restoration Standard, Plan Vivo, Puro.Earth, Social Carbon, and Wilder Carbon have all submitted applications.

A total of 61 methodologies are still awaiting a decision, while 16 methodologies have been approved and 17 have been rejected at the time of writing.

Afforestation, Reforestation and Revegetation, biodigesters, efficient cookstoves, Improved Forest Management, and N20 Abatement are among the categories still pending. The ICVCM had previously said they hoped to finish assessing 90% of the VCM by January for CCP-approval viability.

In addition, Verra is still awaiting approval from the ICVCM for their new VM0050 methodology for cookstoves, which will quantify emission reductions either from enhanced efficiency and/or a fuel switch to lower greenhouse gas-intensive fuels.

Grid-connected renewable energy credits failed to receive the high-integrity label last year, further denting market trust and exacerbating oversupply.

Registries will need to issue new methodologies and revise their additionality principles if they wish to gain the CCP label in the future, a European-based trader said.

"[I am] waiting for methodology changes from registries for renewable energy," a Turkey-based broker/trader said.

Platts assessed the Renewable Energy Current Year price, which reflects GS-certified wind/solar credits sourced from India and Turkey, at $1.00/mtCO2e Jan. 16.