The World Bank’s State and Trends of Carbon Pricing 2025 Report highlights significant market expansion and a sharp shift in buyer behavior.Quality Drives Price: The VCM is polarizing. High-quality Nature-Based Removal credits trade at a premium ($\sim$ $15.5$ USD/tCO₂e), while standard RE credits average only $1$ USD/tCO₂e. The market is maturing: Integrity, credibility, and measurable impact are now prioritizing volume.

Carbon pricing grows, boosting revenues and global coverage, but faces implementation and pricing gaps.