ClearBlue's president and chief operating officer, Richard Myerscough, says the voluntary carbon market is entering a new era defined by transparency, integrity, and trust. He explains how better pricing tools and standards are restoring confidence and attracting investors.

Environmental Finance: Could you summarise where the voluntary carbon market (VCM) stands today, especially after the turbulence of recent years?

Richard Myerscough: The VCM has been around for quite some time in different forms, but we see 2025 as a year of transition. Historically, one of the biggest challenges has been the lack of transparency around pricing, largely tied to concerns about quality and credibility.

For companies investing in carbon credits, confidence is key. If they're paying for a tonne of emissions to be removed or reduced, they need assurance that the impact is real. That hasn't always been easy to guarantee, which has suppressed prices and undermined trust.

This year, however, we're starting to see a reset. Buyers are focusing more on integrity and transparency, which are the essential building blocks of trust in the market. We believe that renewed confidence will attract more investment and help scale the climate solutions we urgently need. So, while the market is far from perfect, 2025 feels like a turning point.

EF: What is driving this shift?

RM: It's less about a single event and more about the cumulative progress of various initiatives. One important example is the Integrity Council for the Voluntary Carbon Market (ICVCM) and its Core Carbon Principles (CCPs). These provide a standardised set of criteria to demonstrate credit quality.

In recent months, methodologies have begun receiving CCP labels, and buyers are noticing. Higher-integrity credits are now commanding a clear price premium.

That's a strong market signal, and it reflects years of effort to align definitions of quality and build consensus.

EF: Why has it been so difficult to get a clear view of prices, and what's being done about it?

RM: Compared with commodity or compliance carbon markets, where prices are well-documented thanks to heavy trading and centralised exchanges, the voluntary carbon market is fragmented and opaque. Deals are often struck over-the-counter between project developers and buyers, with little information made public.

That leaves investors and buyers in the dark. Imagine trying to make a financial decision without knowing the price – you'd hesitate. And that's exactly what's happened in the VCM.

At ClearBlue, we've developed an Offset Price Discovery Tool to address this. It pulls together data from project developers, brokers, traders, and exchanges etc.

It applies AI and machine learning to estimate spot prices for different project types. In testing, the tool proved 97% accurate against historical data.

In effect, we're bringing compliance-market-style transparency into the voluntary market.

Pricing and integrity go hand in hand. If I'm a company buying credits to support my net-zero strategy, I need to be absolutely certain those credits represent real emissions reductions or removals. If they don't, it's a credibility problem – and potentially a reputational risk.

In the past, some methodologies, especially in avoided deforestation, have faced criticism, which hurt overall trust. Buyers are being more selective, and integrity is increasingly rewarded.

ClearBlue has partnered with Calyx Global to publish a Price-Integrity Index, combining our pricing data with their ratings. The results are clear: higher-rated credits are achieving meaningful premiums. Buyers are no longer just looking for the cheapest credit – they want assurance of genuine climate impact.

EF: What do these shifts mean for businesses and investors in practice?

RM: For companies, it's about confidence. Better price discovery allows for more accurate portfolio valuation. Together, these developments encourage longer-term commitments to voluntary markets.

We expect greater transparency and integrity to attract more participants, reinforcing market strength. Ultimately, that unlocks growth and supports global climate goals. It's about rebuilding trust in order to scale responsibly.

EF: Your organisation also works in compliance markets. How does that experience shape your approach to the voluntary side?

RM: We cover both compliance and voluntary markets globally, and that dual perspective is crucial. Over time, we expect the highest quality voluntary markets standards to move closer to those of compliance systems, and we're already seeing early signs of alignment.

Many of our clients operate in both spaces. To advise them effectively, we need a holistic view: understanding their exposure to compliance obligations and their voluntary ambitions, then rolling that up into a portfolio-level perspective. That's where ClearBlue stands out – we provide the complete picture, which helps clients make informed investment decisions and understand the direction of the VCM.

EF: Finally, what would you say to companies that have been hesitant to engage with voluntary carbon markets?

RM: I'd say this: don't wait for perfection. The market is evolving rapidly, and this represents an opportunity. Voluntary markets are not a substitute for cutting emissions directly, but they are a powerful complement – especially for hard-to-abate areas. There are innovative projects delivering real impact, and companies have an opportunity to lead rather than sit on the sidelines.

In short: progress over perfection. The time to re-engage is now.

For more information, see: www.clearbluemarkets.com