In this report, we highlight the countries that saw the most significant improvements and steepest declines in their scores from July to August, as determined by our scoring system.
Market performance indicators have proven to significantly influence country movements in our ranking.
Colombia stands out as the most improved country, climbing three positions. This progress is attributed to strong market performance. In August, the Colombian carbon market experienced a 2.21% increase in retirements and a 20.8% rise in average credit prices. Notably, the number of unique buyers surged by 164.29%, signaling growing participation and demand within the market.
India also showed substantial improvement, ranking second in terms of advancement. The average estimated price per credit increased by 8.82% from July to August, and retirements increased by 19.38% compared to the previous month. Furthermore, the Indian government is expected to approve around 15-20 methodologies by the end of 2024, accelerating the operationalization of its carbon market.
On the other side, Peru experienced one of the largest declines, dropping twelve positions. Although unique buyers peaked in July, retirements sharply fell by 81.7% compared to June, signaling high interest but limited credit activity. The decline continued into August, with an 11.8% drop in retirements and an 84.93% decrease in unique buyers compared to July. Market stakeholders anticipate the government to publish regulations on RENAMI in early October, which could influence future market dynamics.
The United States also saw a notable decline in performance. The U.S. carbon market witnessed a 44.69% reduction in retirements and a 33.09% drop in credit prices, despite a 19.35% increase in unique buyers. This suggests rising buyer interest but a reduction in activity, potentially signaling a strategic pause as the market awaits improved integrity conditions.