October 2026 VCM Updates: Section A
This article is an automatically translated version of the original Japanese article. Please refer to the Japanese version for the most accurate information.
This is the newsletter from Deloitte Tohmatsu Sustainacraft, Inc. This article is Section A (Market Trends) of our VCM Updates (Voluntary Carbon Market Updates).
«VCM Updates Structure»
A. Voluntary Carbon Market Trends ← Target of this article
- Analysis of Credit Issuance, Retirement, and Investment Trends
- Project Pipeline Analysis
- In-depth Analysis Section
B. Major Overseas Regulatory Trends
Introduction
Credit Issuance Performance
In September 2026, the total issuance of voluntary carbon credits was 22.88 million units, representing a 29.83% decrease compared to the same month last year. Conversely, total retirements reached 11.79 million units, recording a significant increase of 32.18% year-on-year. Regarding labeled credits, approximately 4.82 million units of CCP-labeled credits were issued by the IC-VCM. Additionally, while the numbers remain limited, the application of "Removal" labels has also been confirmed, reflecting a continued market interest in qualitative assessments.
Project Pipeline Trends
This month, 29 new projects entered the pipeline: 23 for Nature-based Solutions (NbS) and 6 for Carbon Dioxide Removal (CDR). Within NbS, Agricultural Land Management (ALM) (10 projects) and Improved Forest Management (IFM) (9 projects) accounted for approximately 80% of the total, with notable activity in India and Mexico. A highlight is the rice paddy methane reduction project in India, VCS-6205 (Responsible Rice Program - Project Samruddhi), which has an estimated annual ER (Emission Reduction) of over 2.2 million tCO₂e. Of the 6 CDR projects, 4 were registrations with the emerging registry, Isometric. Detailed project analysis will be covered in the subsequent A-2 section.
Investment Trends
We identified 28 investment and procurement deals this month, primarily in the NbS and CDR sectors (9 NbS, 16 CDR, and 3 others). In the CDR sector, Japanese companies such as JAL and NYK made significant moves, including JAL’s CORSIA-compliant CDR agreement with Climeworks and NYK Line’s investment in a subsea CO2 storage project in Norway, demonstrating activity in both removal credit procurement and storage infrastructure investment. On the demand side, concrete actions were seen with Singapore's large-scale procurement tender for Article 6 credits, the Australian government's grants for carbon management technology, the UK's loan to the TFFF, and Google’s agreements totaling 3 million tons. Individual cases are explained in detail in section A-3.
A. Voluntary Carbon Market Trends
A-1: Analysis of Credit Issuance, Retirement, and Investment Trends
Target Registries: VCS (Verra), GS (Gold Standard), CAR (Climate Action Reserve), ACR (American Carbon Registry), ART-TREES, Puro (Puro.earth), Isometric
Period: September 2026
Notes: Please note that accuracy cannot be guaranteed as companies are not required to register their real names with registries upon retirement. Furthermore, there may be delays in registry updates; therefore, project counts or status changes for this period may occur in the future.
Analysis of Issuance and Retirement Performance:
- Issuance Performance: 22.88 million units (-29.83% YoY)
- By registry, Gold Standard (GS) led with 8.89 million units, followed by Verra (VCS) with 6.87 million units and ACR with 4.23 million units. The emerging registry Isometric also issued 19,193 units.
- By project type, the Energy sector accounted for the majority with 13.94 million units, followed by Non-CO2 gases at 4.20 million units and Nature Restoration at 3.04 million units.
- Retirement Performance: 11.79 million units (+32.18% YoY)
- By registry, VCS accounted for approximately two-thirds of the total at 7.70 million units, followed by GS at 2.70 million units.
- By type, the Energy sector was the highest at 7.16 million units (approx. 61%), followed by REDD+ at 2.20 million units, Non-CO2 gases at 1.16 million units, and Nature Restoration at 1.10 million units.
The credit labels shown below are based entirely on information provided by each certification body (registry). Please keep the following in mind:
・Even if a methodology itself is CORSIA-eligible or CCP-approved, credits will not be counted as labeled in the table below unless the label information is included in the registry's data.
・Only VCS and GS registries provide information regarding Article 6 labels.
Top Issuing Projects
Below are the top 10 projects for which credits were issued in September 2026, along with a list of projects that were issued labels (Article 6, CCP, CORSIA, Removal).
| Project | Project Name | Type | Subtype | Methodology | Issuance Volume | CORSIA | CCP | Article 6 | Removal |
|---|---|---|---|---|---|---|---|---|---|
| VCS-2366 | Installation of high efficiency wood burning cookstoves in Tanzania | Energy | Cookstoves | VMR0006 | 2,902,044 | 0 | 0 | 0 | 0 |
| ACR-1236 | A-Gas V21 | Non-CO2 gases | Fugitive Emissions | Certified Reclaimed HFCs… | 2,108,811 | 0 | 0 | 0 | 0 |
| VCS-2372 | Installation of high efficiency wood burning cookstoves in Malawi - Project 2 | Energy | Cookstoves | VM0050 | 1,320,303 | 0 | 0 | 0 | 0 |
| CAR-1480 | Phlogiston Phase I | Other | Chemical industry | Adipic Acid | 1,089,297 | 0 | 1,089,297 | 0 | 0 |
| GS-11306 | Improved Cookstove VPA 48 | Energy | Cookstoves | Not provided | 918,677 | 0 | 0 | 0 | 0 |
| GS-12062 | CTL Landfill Gas Project | Energy | Renewable Energy | Not provided | 893,624 | 0 | 893,624 | 0 | 0 |
| GS-11671 | Efficient Cooking Nigeria VPA61 | Energy | Cookstoves | GS TPDDTEC | 632,023 | 0 | 0 | 0 | 0 |
| GS-4221 | Vichada Climate Reforestation | Nature Restoration | ARR | AR Methodology | 565,544 | 0 | 0 | 0 | 565,544 |
| GS-464 | ADES Solar Madagascar | Energy | Renewable Energy | Not provided | 559,227 | 0 | 0 | 0 | 0 |
| GS-11744 | Bondhu Chula Bangladesh VPA 47 | Energy | Cookstoves | Not provided | 497,939 | 0 | 497,939 | 0 | 0 |
Label Issuance Performance (Article 6)
This month, no newly issued projects were confirmed with Article 6 labels in the registry data.
Label Issuance Performance (CCP)
Issuance of credits with IC-VCM CCP-approved labels is progressing steadily. This month, a total of approximately 4.82 million units were confirmed from projects such as an Adipic Acid project in the US, a Landfill Gas (LFG) project in Brazil, and a Cookstove project in Bangladesh.
| Project | Project Name | Type | Methodology | Country | Issuance Volume |
|---|---|---|---|---|---|
| CAR-1480 | Phlogiston Phase I | Chemical industry | Adipic Acid | United States | 1,089,297 |
| GS-12062 | CTL Landfill Gas Project | Renewable Energy | Not provided | Brazil | 893,624 |
| GS-11744 | Bondhu Chula Bangladesh VPA 47 | Cookstoves | Not provided | Bangladesh | 497,939 |
| ACR-954 | NativState - Mississippi Alluvial | IFM | IFM on Non-Federal | United States | 455,782 |
| ACR-848 | NativState - Louisiana Plains | IFM | IFM on Non-Federal | United States | 427,276 |
| ACR-942 | Cape Fox Carbon IFM | IFM | IFM on Non-Federal | United States | 240,343 |
| CAR-443 | South Kent Landfill Gas | Waste | LFG Capture | United States | 215,036 |
| ACR-790 | Appalachian Carbon Exchange | IFM | IFM on Non-Federal | United States | 170,967 |
| ACR-891 | Grace Woodlands IFM | IFM | IFM on Non-Federal | United States | 135,292 |
| VCS-4138 | BRUSQUE LANDFILL GAS | Waste | ACM0001 | Brazil | 104,186 |
Label Issuance Performance (CORSIA)
This month, no newly issued projects were confirmed with CORSIA-eligible labels in the registry data.
Label Issuance Performance (Removal)
This month, removal credits were issued from an Afforestation (ARR) project in Colombia and an Improved Forest Management (IFM) project in the US.
| Project | Project Name | Type | Methodology | Country | Issuance Volume |
|---|---|---|---|---|---|
| GS-4221 | Vichada Climate Reforestation | ARR | AR Methodology | Colombia | 565,544 |
| VCS-872 | Afognak Forest Carbon Project | IFM | VM0012 | United States | 14,254 |
Below are the top 5 retired projects classified as NbS (REDD+ and Nature Restoration). REDD+ projects from the Democratic Republic of the Congo, Cambodia, and Brazil dominate the top spots, indicating sustained demand for the NbS category.
| Project | Project Name | Type | Methodology | Country | Retirement Volume |
|---|---|---|---|---|---|
| VCS-934 | The Mai Ndombe REDD+ Project | REDD+ | VM0009 | DRC | 534,541 |
| VCS-1748 | Southern Cardamom REDD+ | REDD+ | VM0009 | Cambodia | 458,844 |
| VCS-2551 | BRAZILIAN AMAZON APD | REDD+ | VM0007 | Brazil | 261,212 |
| VCS-2252 | Rio Anapu-Pacaja REDD | REDD+ | VM0015 | Brazil | 260,223 |
| VCS-1650 | Keo Seima Wildlife Sanctuary | REDD+ | VM0015 | Cambodia | 122,490 |
The highest retirement volume for NbS credits this month came from the fuel card and fleet payment giant Corpay (formerly FLEETCOR) Group, which retired approximately 1.25 million units (out of a total retirement of approximately 2.02 million units). In addition to consistent buyers like Bayer and Natura, real estate and building materials company Mannington Commercial also ranked among the top.
| Company Name | NbS Retirement Volume | Total Retirement Volume | Cumulative Retirement Volume | Registry |
|---|---|---|---|---|
| Corpay (formerly FLEETCOR) | 1,247,836 | 2,024,577 | 2,909,535 | ACR, GS, VCS |
| Bayer | 200,000 | 200,000 | 1,989,460 | Puro, VCS |
| Natura Cosméticos S.A. | 195,315 | 195,315 | 2,897,790 | VCS |
| Mannington Commercial | 135,568 | 135,568 | 274,202 | ACR |
| NW Natural | 80,000 | 80,000 | 649,473 | ACR, CAR, VCS |
| Church & Dwight | 80,000 | 80,000 | 1,459,661 | ACR, CAR, GS, VCS |
Target Deals: Covers investments in Nature-based Solutions (NbS) and Carbon Dioxide Removal (CDR).
Period: September 2026
Notes: "Credits" and "Group investment" amounts are only recorded when publicly announced; otherwise, they may be left blank.
We confirmed 28 investment and procurement deals this month. The list is provided below. Please note that this is based on deals identified by our firm and does not necessarily cover the entire market.
September saw significant movement, including Japanese corporate involvement in CDR within the aviation and shipping sectors, government/public fund actions by Singapore, Australia, and the UK (purchases, grants, and loans), large-scale contracts by Google, and multiple funding rounds and contracts related to biochar and biomass storage.
For a detailed explanation of individual deals, please refer to "A-3: In-depth Analysis Section."
| Date | Beneficiary | Type | Credits | Investment Amount | Region | Investment Target | Developer/Fund |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | RWE AG | (Unclassified) | - | - | - | Project | EcoNetix |
| 2026-09-02 | Australian Government | CDR | - | $21,516,000 | Australia | Project | - |
| 2026-09-07 | U.S. Bank | CDR | - | - | - | Start-up | Carba |
| 2026-09-08 | United Kingdom | REDD+ | - | $541,000,000 | Brazil | Fund | Tropical Forest Forever Facility |
| 2026-09-08 | Ministry of Trade and Industry | (Unclassified) | 12,000,000 | - | Singapore | Project | - |
| 2026-09-09 | GSK plc | Nature Restoration | - | - | India | Project | Varaha |
| 2026-09-10 | Nature Restoration | 1,000,000 | - | India | Project | Mitti Labs Limited | |
| 2026-09-10 | - | Nature Restoration | - | - | - | Fund | - |
| 2026-09-10 | - | CDR | - | $54,000,000 | United Kingdom | Project | Vateris |
| 2026-09-10 | - | Nature Restoration | 4,450,000 | - | Kazakhstan | Project | Agreena |
| 2026-09-10 | Royal Bank of Canada | Nature Restoration | - | - | United States | Project | Chestnut Carbon |
| 2026-09-11 | Whirlpool Corporation | CDR | - | - | - | Portfolio | ClimeFi |
| 2026-09-14 | Lotus One Investment Pte. Ltd. | CDR | - | - | Germany | Start-up | PyroCCS |
| 2026-09-14 | Evaneos | CDR | - | - | - | Portfolio | Klimate |
| 2026-09-15 | - | Nature Restoration | - | $1,100,000 | Peru | Project | Fronterra |
| 2026-09-17 | Intercontinental Exchange, Inc. | CDR | - | - | United Kingdom | Start-up | Isometric |
| 2026-09-17 | CDR | 2,000,000 | - | - | Project | Terradot | |
| 2026-09-18 | - | CDR | - | $1,500,000 | Sub-Saharan Africa | Start-up | Biochar Industrial Group (BIG) |
| 2026-09-18 | Japan Airlines (JAL) | CDR | - | - | Switzerland | Project | Climeworks Solutions |
| 2026-09-18 | Carbonfuture | CDR | - | - | - | Project | Exomad Green |
| 2026-09-22 | - | CDR | - | - | United States | Project | ADM |
| 2026-09-22 | Salesforce | Nature Restoration | - | - | Brazil | Project | Mombak |
| 2026-09-28 | J.P. Morgan Natural Capital | Nature Restoration | - | $200,000,000 | Paraguay | Project | - |
| 2026-09-28 | Cool Effect | CDR | - | $1,000,000 | - | Project | - |
| 2026-09-29 | Salesforce | CDR | 3,661 | - | - | Portfolio | Milkywire, Brineworks, Deep Sky, Sirona Technologies, Yama, Alkamy Carbon, PRONOE, Carba, Cowboy Clean Fuels |
| 2026-09-29 | Trinity Airways | (Unclassified) | 20,000 | - | South Korea | Project | NH Investment & Securities Co., Ltd. |
| 2026-09-30 | - | CDR | - | $3,000,000 | Switzerland | Start-up | Cotierra |
| 2026-09-30 | NYK Line | CDR | - | - | Norway | Project | Vår Energi ASA |
A-2: Project Pipeline Analysis
Target Registries: VCS (Verra), GS (Gold Standard), CAR (Climate Action Reserve), ACR (American Carbon Registry), ART-TREES, Puro (Puro.earth), Isometric
Target Projects: Pipelines related to NbS and CDR
Period: September 2026
Notes: Due to a slight time lag in registry updates, there is a possibility of changes in project counts or status for this period in the future. For Puro, since projects are not registered as "Pipeline," we primarily introduce newly registered projects as the pipeline.
Terminology: "Annual ER" refers to the annual emission reductions or sequestration (tCO₂e).
This section covers information on new pipeline projects related to NbS and CDR from last month.
Please note that the "Listing Date" in our database is either obtained directly from the registry or estimated. Therefore, we do not guarantee the completeness or accuracy of the data.
In September 2026, 23 new NbS projects entered the pipeline. By type: