Valuing the Priceless: June 2025

The voluntary carbon market is showing signs of structural maturity, with bold moves, growing alignment on integrity, and shifting supply dynamics. From evolving standards and groundbreaking investments, this month’s developments show the market finding its footing, while still navigating complexity and scrutiny. One story in particular stands out as a sign for what’s next:

MARKET INFRASTRUCTURE & STANDARDS

🌱 ERS Acquires Equitable Earth

France-based Ecosystem Restoration Standard (ERS) has officially acquired Equitable Earth, a milestone that establishes the standard’s independence and accelerates its path to Core Carbon Principles (CCP) labeling under the ICVCM. A broad coalition of project developers, credit buyers, traders, and rating agencies issued a letter of support​ for ERS, underscoring confidence in ERS’s governance and credibility. The ICVCM has already granted ERS program-level approval, meaning Equitable Earth methodologies may now be fast-tracked for CCP approval, something that would have taken years as a standalone structure.

What began as a coalition effort to center Indigenous Peoples and Local Communities in climate finance has now become a fully independent and scalable standard, built on integrity, equity, and the lived experiences of those closest to the forest. Equitable Earth, under ERS stewardship, can help set a new standard rooted in scientific rigor, operational transparency, and equitable impact.

🔄 Verra REDD+ Delays Continue

Delays in Verra’s rollout of the new REDD+ methodology (VM0048) have constrained REDD+ credit supply in 2025. As a result, ART remains the only major source of REDD+ credits this year. Other emerging standards receiving approvals under the ICVCM can help alleviate the supply bottleneck.

CLIMATE POLICY & CORPORATE GUIDANCE

🧭 SBTi: Stakeholders Push for Flexibility

Nearly 1,000 stakeholders have responded to the Science Based Targets initiative’s (SBTi) consultation on its draft Corporate Net-Zero Standard, demonstrating strong engagement in shaping credible climate action. Many respondents are advocating for greater flexibility in the use of high-integrity carbon credits, recognizing their essential role in enabling companies to meet their targets while investing in climate solutions today. As Lucy Almond notes​, the current draft presents an opportunity to strengthen the standard by incorporating provisions for missed targets and interim carbon removal goals. Introducing realistic guardrails for underperformance and annual removal requirements could enhance the framework’s effectiveness and also create more demand in the VCM.

🍎 Claims Spotlight: Apple’s “Best-in-Class” Carbon Strategy

Apple’s carbon neutral claim for the Series 9 Watch is under legal scrutiny, but it’s receiving backing from the Environmental Defense Fund (EDF). In an amicus brief​, EDF describes Apple’s approach, which includes cutting nearly 80% of supply chain emissions before offsetting the remainder with high-quality credits, as “best in class.” This case may set a precedent for how corporate claims are judged and could bolster demand for credible nature-based solutions.

MARKET TRENDS AND BUYER BEHAVIOR

📊 Ecosystem Marketplace 2025 Report 

The latest report from Ecosystem Marketplace​ reveals ongoing growing pains and evolving buyer preferences:

• Total market transaction volume fell 25% in 2024; average prices dipped 5.5%.

• Credits from the past five years saw a 217% premium over older vintages—reflecting increased demand for recency and reliability.

• There is a growing premium on credits from projects that remove carbon dioxide from the atmosphere and sequester it in natural or engineered carbon pools. Removal credits now trade at a 381% premium over reduction credits, up from 245% in 2023.

  
  

Large Market Investments Continue

According to an analysis by QCI,​ despite the market transaction decline seen last year, billions of dollars continue to flow into the voluntary carbon market. Project developers led the way with more than $460 million raised. The carbon dioxide removals sector continued to attract finance with over $131 million raised in the period. Everland, in partnership with BNP Paribas, announced a $50 million capital markets initiative​ to fund the development of the first 20 Indigenous and traditional community-led forest conservation projects in the Amazon under the new Equitable Earth Standard. 

🌳⚙️ Nature vs. Tech: Why We Need Both.

The surge in the premium for Carbon Dioxide Removal (CDR) credits is a troubling sign. As Charlotte Strek, Co-founder of Climate Focus puts it​, “The argument against nature due to durability concerns is shortsighted and offers a unnecessary and harmful distraction from what should be a priority for any decision makers: To meet the long-term temperature goal of the Paris Agreement, CDR needs to be scaled as soon as possible. Only nature is ready and scalable now, it is the most proven technology on Earth.” 

In a timely new paper in Climate Policy​, Streck and 14 other experts challenge the false dichotomy between nature-based and engineered carbon removal. Their “3-2-1” framework encourages a balanced portfolio approach:

3️⃣ Criteria for Evaluating Nature and Engineered CDR Solutions:

1. Readiness & scalability → Nature leads

2. Durability → Tech leads

3. Sustainability & co-benefits → Nature leads

   
   

 The solution is a CDR investment portfolio balanced between nature and engineered solutions.

2️⃣ Complementary Roles: Nature-based CDR is deployable now and can address near-term warming. Engineered CDR offers future-proof permanence.

1️⃣ Shared Goal: Both are needed. A balanced investment approach of both “trees and tech” is essential to shave peak warming and achieve long-term climate stability.

As Streck writes, insisting on thousands of years of permanence is out of step with legal and policy norms, and distracts from the urgent task of reducing warming now.

Durability vs. Permanence

A new op-ed by ten leading scientists in the World Economic Forum further emphasizes that nature has long played a crucial role in absorbing around one-third of fossil fuel emissions. They emphasize that natural climate solutions offer lasting benefits for both biodiversity and communities. While concerns about project reversals exist, the carbon market has tools like buffer pools and reinsurance to manage these risks. The greatest threat, they argue, is failing to act while nature can still make a difference in the fight against climate change.

FIND US AT LONDON CLIMATE ACTION WEEK

 Wildlife Works will be attending London Climate Action Week, joining global leaders and changemakers to continue on these conversations and accelerate equitable climate solutions for people and nature. 

Representing us at the event are:

🔹 Mike Korchinsky, Founder and President

🔹 Joyce Hu, Global Director of Marketing Communications

Mike will be speaking at the panel: “Transparency, scale, efficiency: has dMRV already changed the game for forest carbon projects?” 

🕔 Thursday June 26th, 8AM-10:30AM (GMT+1)

Click here to register for the event, or contact us to arrange a meeting if you’ll be in London.