A new investigation by Carbon Market Watch concludes that major fossil fuel companies lobbied to weaken federal carbon market regulations in the United States and state regulations in California. The report, titled 'Oil Spill 2', alleges these efforts were aimed at facilitating the use of offsets for greenwashing. This lobbying reportedly involved both direct and indirect approaches to influence regulatory frameworks. The findings suggest a concerted effort by fossil fuel interests to shape carbon market rules.
The Climate Change Center (CCC) has defended its Myanmar improved cookstove programme (PoA 10471) following a report raising concerns about its operation under the military junta. The project, initiated in 2018, was the first approved by the UN's Article 6.4 Supervisory Body to issue carbon credits. CCC stated it conducted internal reviews after the 2021 military takeover and decided to continue implementation only where local conditions allowed responsible operation. The organisation emphasised that the programme's purpose is not to support political actors but to improve living conditions and mitigate greenhouse gases.
The Science Based Targets initiative (SBTi) has released its Corporate Net-Zero Standard Version 2.0 (CNZS V2.0), formally embedding carbon credits into corporate net-zero strategies. This revised framework mandates the use of carbon credits for large companies from 2035. The new Ongoing Emissions Responsibility (OER) programme outlines a three-phase system for companies to address emissions beyond their validated targets, distinguishing between large and small/medium enterprises. Companies can achieve 'Engaged', 'Advanced', or 'Leadership' recognition by mitigating a percentage of ongoing Scope 1-3 emissions through contribution budgets or verified mitigation outcomes. This represents a significant shift for SBTi, moving from target ambition to implementation guidance and acknowledging the role of carbon credits in achieving net-zero.
Puro.earth launched its Carbon Removals and Carbon Farming (CRCF) Programme on 2 June 2026, submitting an application to become an EU-recognised certification scheme. The programme, backed by Nasdaq, aims to establish a dedicated regulatory track within the EU's statutory CRCF Regulation, focusing on biochar, Bio-CCS, and direct air capture. This initiative seeks to address market fragmentation and operational friction for biochar suppliers by integrating Puro.earth's existing global Puro Standard with the new EU-focused CRCF Programme. The multi-programme platform will allow project developers to manage separate verification streams, issuing both voluntary CO2 Removal Certificates (CORCs) and regulatory CRCF Certified Units. This move is intended to streamline capital deployment into European biochar operations and provide risk-mitigated procurement tools for corporate buyers.
A coalition operating under the 'Supporting Tribal Sovereignty in Carbon Removal' initiative released a comprehensive suite of resources on 16 June 2026. The initiative, launched in 2025, aims to assist US Tribal Nations in navigating the carbon dioxide removal (CDR) sector. The resources include 'Supporting Tribal Sovereignty in Carbon Dioxide Removal: A Report and Resource Guide', 'Guardrails and Considerations for CDR Project Developers Engaging With Tribes', and 'Marine Carbon Dioxide Removal and Tribal Interests and Rights: a Reference Guide'. This framework seeks to empower Tribal Nations to dictate the terms of CDR deployment and ownership on their lands, establishing a baseline for project developers to respect tribal sovereignty and ecological stewardship.
Carbon Direct has released a new framework, 'Criteria for High-Quality Low Carbon Fuels', to help voluntary market buyers evaluate and procure low-carbon fuels (LCFs). The guidance consolidates sustainability, accounting, and sourcing considerations into a single framework for procurement decisions. It addresses a gap where buyers navigate multiple certification schemes and regulatory programmes, particularly in hard-to-abate sectors like aviation and shipping. The framework outlines six core principles, including avoiding social and environmental harms, conservative carbon accounting, and demonstrating additionality. Carbon Direct states the criteria complement existing certification systems by offering a consolidated reference point for due diligence.
Verra has released VM0053, a new Verified Carbon Standard (VCS) methodology for alternative low-carbon fuels in shipping. This methodology provides an independent accounting framework for quantifying emission reductions from using fuels like green hydrogen, ammonia, and e-fuels in maritime transport. It applies to both new and existing ships, enabling a new revenue stream to offset the higher costs of these alternative fuels. The methodology aims to unlock finance for decarbonising the hard-to-abate shipping sector. Iino Kaiun Kaisha, Grütter Consulting, and Verra developed VM0053, which underwent public consultation in 2024.
A coalition of environmental NGOs, including Carbon Market Watch and WWF EU, has filed a formal request for internal review challenging the European Commission's recently adopted Delegated Act for the Carbon Removals and Carbon Farming (CRCF) Regulation. The NGOs argue that the approved methodologies for biochar carbon removal and biogenic emissions capture with carbon storage (Bio-CCS) fail to ensure permanent carbon dioxide removal and lack necessary post-application soil monitoring rules, breaching Article 6 of the CRCF. They contend the framework overlooks biomass sustainability, changes in biogenic carbon stocks, and indirect land use change, potentially incentivising unsustainable wood harvesting and increasing net emissions. The European Commission faces a 22-week deadline to respond, with the coalition prepared to escalate to the EU General Court if revisions are refused.
The American Forest Foundation (AFF), in collaboration with the Beyond Alliance and RMI, has introduced a 'contracted durability' framework to manage reversal risk across all carbon removal types. This legal and financial structure aims to bridge the gap between policy permanence requirements and carbon crediting programme guarantees. The framework assigns ongoing liability and provides financial tools for reversals, highlighting mechanisms such as horizontal stacking and permanence trusts. AFF is developing a pilot programme for permanence trusts, which are funded through a per-credit fee and assume ongoing liability.
New Forests, a Sydney-based investment manager, launched a $707 million (A$1 billion) Global Landscape Opportunities (GLO) fund to invest in natural capital, including carbon. The fund targets institutional investors and will allocate 60% to 80% of its portfolio to developed markets, up to 30% to developed Latin American markets, and a maximum of 20% to Southeast Asia, other Latin American regions, and Africa. This initiative provides a globally diversified portfolio across sustainable forestry, agriculture, and carbon-related investments. CEO Mark Rogers noted strong investor demand for scalable, institutional strategies in natural capital.
The International Carbon Registry (iCR) announced on 16 June 2026 that all projects registered on its platform must now receive an independent MSCI Carbon Project Rating and a Kita financial risk assessment. This makes iCR the first carbon registry to mandate both third-party ratings and financial-grade risk analysis across its entire project portfolio. The assessments, which cover factors like additionality, permanence, and delivery risk, will be publicly available on iCR's website. This initiative aims to enhance transparency, standardisation, and buyer confidence by embedding quality and risk signals directly into the registration process.
NoviqTech has divested its core software platforms and intellectual property to Renaissance Infrastructure for $1 million, comprising an initial $200,000 upfront payment and $800,000 in quarterly instalments. This strategic move allows NoviqTech to focus exclusively on its Coralia biochar carbon removal operations, addressing previous capital constraints and operational fragmentation. The divestment reduces monthly overheads by over $100,000, enabling full capitalisation of Coralia’s Great Barrier Reef biochar project in North Queensland. NoviqTech has also secured an offtake agreement with Pure Data Centres Group for 70% of the project's certified biochar credits. This restructuring aims to accelerate biochar production and research into biochar-infused concrete with Swinburne University of Technology.
IndexBox projects the global biochar kiln market will grow at a compound annual growth rate of 14.5% through 2035, driven by corporate net-zero commitments and the circular economy. The market index is expected to reach 385 by 2035 from a 2025 baseline, reflecting a shift to industrial-scale biochar production. This growth addresses historical financial and operational bottlenecks, including high capital expenditure and supply chain inefficiencies. The industry is adopting advanced engineering, modular kiln designs, and diversified applications to overcome these challenges. Forward sales of biochar carbon removal credits, verified by bodies like Puro.earth and Verra, are providing predictable revenue streams to finance capital investment.
Isometric and Howden have launched an open Request for Proposals (RFP) to expand access to corresponding adjustment (CA) insurance for carbon removal suppliers. The initiative aims to integrate more carbon removal methods into the compliance pathways for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). This collaboration seeks to mitigate the administrative and political risks associated with securing corresponding adjustments under Article 6 of the Paris Agreement, which can delay or revoke host country authorisations. By inviting insurers to submit policies that cover host country default on CA obligations, the programme provides an insurance-backed compliance pathway. This framework is intended to reduce reliance on bilateral state approvals and increase the supply of CORSIA-eligible credits.
Carbon registry Isometric partnered with insurance intermediary Howden to launch an open Request for Proposals (RFP) for corresponding adjustment (CA) insurance for carbon removal suppliers. This initiative follows Isometric's November 2025 approval by ICAO to issue carbon removal certificates under CORSIA. The RFP allows insurers to apply for approval to offer CA insurance, protecting against the risk of a host country withdrawing CA authorisation, which would invalidate certificates for CORSIA compliance. Approved providers will be listed on the Isometric Registry, offering project developers an alternative to contributing to Isometric's buffer pool. This move aims to build financial and risk management infrastructure for the growing demand for durable carbon removal, particularly from the aviation sector.
The California Air Resources Board (CARB) released draft rules for Senate Bill 905, expanding the state's carbon capture programme beyond conventional geologic storage to include methods like biochar, bio-oil, marine carbon removal, and enhanced weathering. This framework aims to provide legal certainty for carbon removal investors and developers, targeting approximately 100 million tonnes of carbon capture and removal credits annually by 2045. Environmental groups, led by the Sierra Club, oppose the draft, citing concerns over self-regulation by the oil and gas industry and the inclusion of enhanced oil recovery (EOR) projects. The Sierra Club has threatened litigation if EOR provisions remain, potentially delaying credit issuance from 2027 to 2028. If finalised, these rules would establish the broadest sub-national carbon capture regime in the US.
Microsoft Corporation signed a three-year carbon dioxide removal purchase agreement with Alt Carbon for 36,920 tonnes of credits. These credits will be generated from Alt Carbon's Darjeeling Revival Project in eastern India, marking Microsoft's first enhanced rock weathering transaction in Asia. The independent registry Isometric will verify and issue the credits. This deal addresses the challenge of scaling durable carbon removal methodologies in emerging agricultural economies and provides a blueprint for leveraging South Asian lands for corporate net-zero targets.
The Science Based Targets initiative (SBTi) released Version 2.0 of its Corporate Net-Zero Standard, providing more flexible guidelines for companies to integrate carbon removals into their net-zero strategies. The updated framework, developed through public consultations, aims to balance emissions reductions with practical corporate implementation challenges, moving away from a 'one-size-fits-all' approach. It clarifies how organisations can blend carbon removal solutions into long-term procurement agreements and formalises shared responsibility protocols for Scope 3 emissions. Industry leaders have praised the clarity provided for corporate investments in durable, scalable removals, though some market skepticism remains regarding the authority of voluntary bodies.
Research firm cKinetics reports that the global carbon dioxide removal (CDR) sector has attracted over USD 11.5 billion in committed capital, with contracted offtake volumes exceeding 114 million tonnes across 310 transactions, valued at over USD 15 billion. The report, '2026 State of the Sector: Investment in Carbon Dioxide Removal', notes a concentrated corporate buyer pool, with Microsoft dominating contracted volumes. While direct air capture has significant investment, biochar and soil carbon are driving near-term physical supply growth due to lower infrastructure demands. Biochar secured approximately 2.8 million tonnes of CO2 equivalent in contracted offtakes between June 2025 and March 2026, capturing nearly 42 percent of cumulative sector offtake volumes. The report projects global carbon removal capacity to reach 35 million to 63 million tonnes annually by 2030.
The California Air Resources Board (CARB) has opened public review for its draft rules on carbon capture, removal, utilisation, and storage technologies, as mandated by Senate Bill 905. Industry stakeholders, including carbon-removal companies and registries, are advocating for the inclusion of emerging methodologies like biochar, bio-oil, enhanced weathering, and marine carbon removal. Environmental groups oppose the framework, arguing it could subsidise risky infrastructure and prolong fossil fuel reliance. CARB is balancing industry demands for clear guidelines to secure investment against environmental concerns about potential pollution and extended industrial facility lifespans. The agency is currently synthesising stakeholder input to finalise the rulebook.
The durable carbon dioxide removal (CDR) market saw purchases grow at a 151% compound annual growth rate (CAGR) from 2021 to 2025, excluding volumes from Microsoft and Frontier, according to a CDR.fyi presentation. While Microsoft accounted for 78.5% of all disclosed durable CDR tonnes purchased by April 2026, its recent pause serves as a market stress test. Biomass Carbon Removal and Storage (BiCRS) methods, particularly BECCS and biochar, led near-term execution, accounting for 96% of purchase volume and 91% of delivered volume in 2025. The market is becoming more selective, with pricing increasingly method-specific and financing favouring credible suppliers. This indicates a shift towards rewarding execution and operational discipline as the market matures beyond its initial growth phase.
The third edition of 'The State of Carbon Dioxide Removal' report, presented at a climate economics conference in Italy, found that current global carbon dioxide removal (CDR) efforts account for only 5% of annual global emissions, totalling 2 million metric tons of technologically removed carbon. The report indicates a stagnation in research and investment, with high operational costs exceeding $200 per metric ton for many innovative pathways and a lack of standardised public funding. It attributes this to shifting political landscapes, geopolitical conflicts, and severe market contraction. The report advocates for a structural shift towards treating CDR as a public good, funded by state entities, to scale technological removal beyond its current marginal baseline. Analysts proposed this transition from voluntary corporate procurement to state-subscribed public purchasing models to secure the billions of euros needed for industrial scaling.
Microsoft signed a three-year agreement to purchase 36,920 metric tonnes of carbon dioxide removal credits from Indian startup Alt Carbon, to be delivered by 2029. This marks Microsoft's first enhanced rock weathering transaction in Asia, sourced from the Darjeeling Revival Project in eastern India. The contract includes provisions for additional volumes if Alt Carbon meets delivery and verification milestones. Alt Carbon will use crushed basalt across 80,000 acres of agricultural land in West Bengal, impacting over 35,000 farmers, with credits issued through the Isometric registry.
Carbon data provider Sylvera has partnered with Bloomberg to embed its carbon project ratings directly into the Bloomberg Terminal. This integration provides institutional investors and corporate buyers with project-level quality assessments alongside existing pricing and market data. The move aims to bring analytical rigour to carbon credits, similar to traditional asset classes, supporting due diligence for financial institutions and corporate buyers. Sylvera's CEO, Allister Furey, stated the integration signals a 'new phase of maturity' for carbon markets. Bloomberg's Bertrand Le Nézet noted the move reflects increasing institutional demand for transparency.
Microsoft has signed a three-year carbon dioxide removal (CDR) purchase agreement with Alt Carbon for 36,920 tonnes of CO2 removal from an Enhanced Rock Weathering (ERW) project in India. The credits will be delivered from Alt Carbon's Darjeeling Revival Project in eastern India and issued through Isometric. This marks Microsoft's first Asian ERW credit purchase, following recent discussions about its continued commitment to carbon removal solutions. Alt Carbon, which recently became the largest ERW company by issued volume, expects to issue an additional 15,000 credits by the end of 2026.
A proposed Carbon Capture and Storage Energy Attribute Certificate (CCS EAC) standard has extended its public comment period until 25 June. Spearheaded by The Cynthia & George Mitchell Foundation, the consultation seeks feedback from energy buyers, project developers, and market participants. This initiative aims to establish credible accounting for carbon capture, supporting investment and market participation in developing carbon management markets. The standard's development reflects growing interest in CCS projects and the need for transparent measurement as the sector expands.
The UN's Article 6.4 Supervisory Body approved the first carbon credits under the Paris Agreement Crediting Mechanism in February 2026, originating from a clean-cooking project in Myanmar. The project, run by South Korean NGO Climate Change Center (CCC), distributes efficient cookstoves to reduce wood use and smoke. A new report, however, highlights that the project operates in conflict-affected regions of Myanmar, with credits issued during the ongoing civil war that began in February 2021. The report criticises the project's partnership with Myanmar's Ministry of Natural Resources and Environmental Conservation (MONREC), which is controlled by the military junta and under EU sanctions. Critics argue that purchasing these credits supports a regime accused of war crimes and crimes against humanity.
Regreener has named five US carbon credit projects as leading options for corporate procurement in 2026, citing their independent verification, active issuance, and quality signals. The selected projects include CarbonCure CO2 Utilisation (VCS 4018), Graphyte's Loblolly Project (Isometric), Anew Tomah Highlands Forestry (ACR 617), AgriCapture Soil Enrichment (CAR 1513), and the Northern Great Plains Regenerative Grazing Project (VCS 1960). These projects span engineered removal, biomass carbon removal and storage, improved forest management, and soil carbon, offering portfolio diversity. Regreener emphasises that a registry ID is merely a starting point, with active issuance and independent quality signals being crucial for credible procurement decisions.
Societe Generale has committed €100 million (over $115 million) as an anchor investor in Ardian's Averrhoa NBS fund, an Article 9 impact fund. The banking group will also serve as financial advisor for the fund's structuring and deployment. Averrhoa NBS aims to invest in reforestation and wetland restoration projects with a goal of sequestering up to 85 million tonnes of carbon over 40 years. This partnership seeks to scale investment in nature-based solutions and establish them as a mainstream asset class.
Verra has operationalised Version 5 of its Verified Carbon Standard (VCS) Programme by releasing new templates and guidance documentation. This follows the initial launch of VCS Version 5 in December 2025. The new documentation includes standalone templates for ESG risk assessment, stakeholder engagement planning, and updated geolocation file requirements. Project proponents and validation/verification bodies can now use this framework for carbon dioxide removal activities. Projects starting before 1 January 2027 must use Version 5.0A templates, while those initiated on or after that date must use Version 5.0B.
A Fortune Global 500 company has purchased 1 million tonnes of CO2 removal credits from GreenTrees, the largest reforestation project in the US, via Climate Impact Partners. The deal is structured as a 'staggered spot' purchase, combining issued credits with newer vintages currently undergoing verification. GreenTrees' Mississippi Alluvial Valley (MAV) Reforestation Project is the first Afforestation, Reforestation and Revegetation (ARR) project to have issued tonnes approved under the Core Carbon Principles (CCPs). The MAV project has removed nearly 8 million tonnes of CO2 by planting over 50 million trees across 140,000 acres, engaging almost 600 landowners. This purchase aims to bridge the financial gap between verification and landowner payments, while reducing delivery risk for clients.
The Science Based Targets initiative (SBTi) released Version 2.0 of its Corporate Net-Zero Standard on 11 June 2026, offering a more flexible framework for companies to set climate targets. The updated standard maintains a focus on direct emissions reductions but introduces a mechanism for companies to address residual emissions through voluntary action, including carbon removals. This revision aims to support businesses in embedding net-zero strategies and enhances expectations for transparency and progress reporting. The SBTi stated the framework builds on over a decade of experience and seeks to accelerate corporate progress towards net-zero emissions by 2050 or earlier.
The Science Based Targets initiative (SBTi) released Version 2 of its Corporate Net Zero Standard on 11 June 2026, which incorporates market-based instruments and introduces an 'Ongoing Emission Responsibility' (OER) programme with three status levels: Engaged, Advanced, and Leadership. This new standard allows companies to use high-quality carbon credits to address ongoing emissions, a significant shift from previous guidance. The VCMI and IETA both welcomed the increased recognition of carbon credits, though VCMI noted the standard 'stops short of creating a meaningful incentive' for immediate investment. The standard also legitimises commodity certificates for addressing Scope 3 emissions, providing a mechanism for companies to make progress in hard-to-abate supply chains. From 2035, carbon removals become mandatory for large and higher-income country mid-sized companies, with required coverage rising linearly to 100% by their net-zero target year.
Danny Cullenward resigned from the Greenhouse Gas Protocol's Independent Standards Board, alleging the Protocol 'openly violating its own rules' by delegating forest carbon accounting standards to a 'secret, industry-led working group'. Cullenward, a Senior Fellow at the University of Pennsylvania's Kleinman Center, stated this on BlueSky and in his resignation letter. This follows criticisms in January 2024 regarding draft land sector guidelines that environmental groups and academics claimed would allow companies to label destructive products as 'carbon neutral'. The Protocol, run by the World Resources Institute and the World Business Council on Sustainable Development, published a land sector standard in January 2026 without specific forest carbon accounting guidance after its technical working group and Independent Standards Board failed to reach consensus.
Sylvera has partnered with Bloomberg to integrate its carbon project ratings directly into the Bloomberg Terminal. This collaboration provides institutional investors and corporations with access to independent quality assessments alongside pricing and market data for carbon credits. The integration aims to enhance market transparency and facilitate more informed decision-making for carbon credit procurement. This move reflects a maturing carbon market where quality and independent assessment are becoming essential for investor confidence.
Verra announced the full operationalisation of its Verified Carbon Standard (VCS) Version 5 on 9 June 2026, with the release of updated templates and guidance documents. This update allows all project proponents to begin using VCS Version 5, which was initially launched in December 2025. The new release includes standalone templates for stakeholder engagement plans and ESG risk assessments, alongside comprehensive guidance on right to operate, sustainable development, stakeholder engagement, and safeguards. These changes aim to improve usability and accessibility for project proponents and validation/verification bodies, supporting the integrity and scalability of the VCS programme.
Oman's Muscat Municipal Council and Net-Zero Centre have established a national emissions framework, including the 'Meezan' platform, to track and verify carbon emissions. This initiative, presented by the Ministry of Energy and Minerals, aims to coordinate multi-sectoral emissions reduction pathways and align with Oman Vision 2040. The framework addresses the previous lack of a unified regulatory system, which hindered international investment and compliance monitoring. By standardising industrial carbon data and creating clear regulations for domestic carbon markets, Oman seeks to attract foreign capital and integrate carbon removal technologies. This move is intended to position Oman as a global partner in sustainable development and meet its 2050 net-zero target.
The UN's carbon market has approved its first two cookstove projects, which Carbon Market Watch claims significantly overestimate their climate impact. This follows a 2025 analysis by Carbon Market Watch on Clean Development Mechanism Programme of Activities 10415, indicating persistent overcrediting issues. The organisation states that these approvals occur despite ongoing efforts to curb such overestimations. The projects are the first of their kind to be approved under the UN's carbon market.
The Green Finance Institute (GFI) has facilitated a £1 million commercial loan from Oxbury Bank to UK biochar developer Restord, marking the first commercial bank debt for a British carbon removal enterprise. This financing, part of GFI's Carbon Dioxide Removal Catalyst initiative, integrates a forward purchase of carbon credits by Terraset to provide revenue certainty. The deal also involves a localised supply chain with The Green Waste Company and Woodtek Engineering. This structured transaction aims to provide a blueprint for scaling the UK's biochar sector by addressing the 'commercialisation gap' and enabling Restord to remove approximately 2,000 tonnes of CO2 annually.
Commons, a consumer climate/finance application, launched its largest carbon offset procurement cycle to date, seeking over 100,000 tonnes of carbon dioxide removal (CDR) and super pollutant mitigation credits. The call for expressions of interest focuses on projects in Southeast Asia, Latin America, the Caribbean Basin, or other island contexts. Commons is prioritising projects with verified credits or those expected to deliver credits this year, aligning with science-backed, measurable solutions and ICVCM-approved or pathway-eligible methodologies. This procurement aims to expand Commons' portfolio, which currently includes nine different pathways such as Biochar and Direct Air Capture.