The third quarter of 2025 marked a new milestone for the global carbon market, with forward-delivered contracts reaching unprecedented levels. According to industry data, 65 offtake deals were announced during the quarter—surpassing the previous record of 48 in Q2 and signalling renewed investor confidence.
Although Microsoft scaled back its activity to 7.8 million tonnes of CO₂ equivalent compared to 40 million in Q2, the market showed greater diversification among corporate buyers. Companies such as Nestlé, Apple, Google, Barclays, Netflix, and the governments of Singapore and Japan were among those expanding their carbon purchasing portfolios.
Of the reported transactions, 41 were linked to carbon dioxide removal (CDR) initiatives, 17 to nature-based projects, and seven to other technologies, including clean cookstoves. The actual number of deals is likely higher, as many over-the-counter transactions remain undisclosed—particularly amid ongoing political shifts in the United States.
‘There are now signs of a huge amount of growth across multiple carbon markets’, said Hannah Hauman, Global Head of Carbon Trading at Trafigura. ‘It’s kind of bubbling up everywhere’, she told Bloomberg.
Despite this surge, some developers continue to face challenges securing end buyers. Market participants are watching closely for new guidance from the Science Based Targets initiative on the use of carbon credits in corporate net-zero strategies.
Total capital inflows into the carbon market reached an estimated $4.9 billion in Q3, just 1% higher than the same period last year. However, equity investments more than doubled to $407 million—the highest level since early 2024. The quarter’s standout investment went to direct air capture leader Climeworks, followed by major funding rounds for Chestnut Carbon, ATEC, Puro.earth, and Equatic.
‘The vibe is a bit less anxious and nervous than I observed in the first few months of the year’, said STX CEO Marijn van Diessen during New York Climate Week. ‘If you actually look at real policy, very little has changed, and there is still a lot of support for environmental markets.’