Carbon Market Infrastructure

Cowboy Clean Fuels announced its first carbon removal credit sale, part of a Salesforce-backed purchase through Milkywire, with delivery in 2026. The Wyoming-based climate-tech company said the sale marks its entry into the durable carbon removal market, adding CDR credit sales alongside its carbon-neutral renewable natural gas business. Cowboy Clean Fuels operates a biomass carbon removal and storage pathway in Wyoming's Powder River Basin, injecting agricultural processing residues into depleted coalbed methane reservoirs where microorganisms generate renewable natural gas while carbon dioxide is permanently absorbed onto coal surfaces, with permanence of more than 100 years. The purchases are part of Salesforce's pledge to contract USD 100 million in durable carbon removal by 2030. Milkywire has facilitated purchases of more than $12 million of durable carbon removal across 45+ projects in more than 20 countries.

Bitkub has partnered with Kathi Zero to establish Carbon Credit Tokenization, aiming to drive carbon credits into the world of Green Economy assets. This collaboration brings carbon credits into digital token form through the Bitkub platform together with Kathi Zero. Reports say the initiative aims to open the way for carbon credits to enter the green asset market. This news report was produced by the Thai eFinance news agency, with Prakai Dao Bangsanthia as editor of digital asset news.

The SEC has unveiled a roadmap to unlock Thailand's capital market toward a green economy, by upgrading ESG and ISSB data and using the Thailand Taxonomy as a compass for its operations. The roadmap covers financial instruments including Green Bonds, Transition Bonds, SRI Funds and carbon mechanisms, to support the flow of capital into a sustainable economy.

PTT, together with Krungthai Bank and PTT International Trading Pte Ltd, is expanding their collaboration on ESG Financial Solutions through the development of Carbon Credit Linked Derivatives, a financial innovation that brings carbon credits to offer businesses additional options for managing financial risk alongside reducing greenhouse gas emissions. The collaboration supports the World Bank Group's Low Carbon Cities and Carbon Market Development Project. Under the partnership, Krungthai Bank brings its expertise in money and capital markets to develop financial instruments, PTT contributes knowledge on sustainable business operations and the transition to a low-carbon economy, while PTTT supports the sourcing of quality carbon credits recognised internationally. This integration of expertise links the financial sector, the energy sector, and the carbon market to lay the foundation for Thailand's Carbon Finance Ecosystem and to support long-term Net Zero goals.

Agoro Carbon has issued its first carbon credits to its U.S. cropland and pastureland projects, marking the first credit delivery under its 12-year agreement to deliver 2.6 million carbon removal credits to Microsoft, one of the largest soil-based carbon removals commitments in the market. The credits, covering the 2021 and 2022 vintages, were issued after Verra's validation and verification of two projects, VCS 3634 for cropland and VCS 3656 for pastureland, both registered under the VM0042 Improved Agricultural Land Management methodology, v2. Agoro Carbon's program spans 34 U.S. states and includes more than 600 enrolled producers across 2.5 million acres, with annual issuances planned through 2037 and supply beyond the Microsoft agreement available to other corporate buyers. The company has already paid more than $30 million in prepayments to help farmers and ranchers transition to regenerative agriculture, and its sampling program has achieved an average margin of error of 7.06% at 90% confidence from more than 500 growers' data. Agoro Carbon plans to move to Verra's VM0042 v3 methodology once it is published, expected in early 2027, to support Core Carbon Principles eligibility for future issuances.

Relae, formerly Carbon Direct, released the sixth edition of its Criteria for High-Quality Carbon Dioxide Removal in collaboration with Microsoft, adding a delivery risk framework to its quality benchmarks for the first time. First published in 2021 and updated annually since, the Criteria define both a quality floor and an aspirational standard for carbon removal projects. The new delivery risk appendix evaluates open-system and closed-system projects separately using the TECOP framework, covering technical, economic, commercial, organizational, and political factors. The edition also updates quality expectations across six essential principles and pathway-specific criteria for nine pathways, adding direct counterparties, greater rigor for enhanced rock weathering projects, and dynamic baselines for afforestation, reforestation, and revegetation projects. Relae said it will continue refining the Criteria with Microsoft as the science and market evolve.

ExxonMobil is building an end-to-end carbon capture and storage business spanning CO2 capture, transportation and storage, anchored in the U.S. Gulf Coast, which accounts for about one-third of U.S. industrial CO2 emissions. The company estimates its Gulf Coast pipeline network can eventually handle up to 100 million metric tons of captured CO2 annually once fully developed, and it already has agreements to transport and store about 9 million metric tons of CO2 per year for industrial customers. ExxonMobil is expanding its CCS customer base through work with Linde, Nucor, Lake Charles Methanol II and AtmosClear, and its plans gained momentum after Texas regulators approved the Rose carbon capture and storage project, designed to store about 53 million metric tons of customers' CO2 in underground wells in Jefferson County, TX. ExxonMobil expects energy-related CO2 emissions to decline to roughly 30 billion metric tons by 2050 from 36 billion metric tons in 2025, while global CCS is projected to grow from about 30 million metric tons of CO2 in 2025 to 2,000 million metric tons by 2050, short of the roughly 7,000 million metric tons needed to meet global climate goals. Separately, Occidental Petroleum is advancing carbon capture through its low-carbon ventures business, with its STRATOS direct-air-capture project expected to complete commissioning around the end of 2026 and begin operations in 2027, and about $400 million in low-carbon ventures capital spending rolling off beginning next year, while Baker Hughes is broadening its carbon-capture capabilities through its acquisition of Chart Industries.

The cross-border carbon market collaboration between the Carbon Markets Club, or CMC, and the Macao International Carbon Emission Exchange, or MEX, has been selected as one of the outstanding green finance case studies of China-ASEAN for the year 2026, opening the way for Thai T-VER carbon credits and Chinese green electricity certificates to reach buyers through each other's platforms. Following the signing of a strategic memorandum of understanding on 20 November 2025, in February 2026 three T-VER projects registered with the Thailand Greenhouse Gas Management Organization, a public organization, were listed on the MEX platform: a wind power project in Nakhon Si Thammarat province, a solar power project in Suphan Buri province, and a hydropower project in Laos. Meanwhile, three Chinese Green Electricity Certificate, or GEC, projects from 2025 electricity generation were listed on the CMC platform. The two sides officially launched the mechanism on 26 March 2026 at the 2nd Global Carbon Credit Market Development Forum in the Macao Special Administrative Region of the People's Republic of China, and the first actual transaction followed, with the carbon credits coming from a solar power project of BCPG. Ravie Boonsinsukh, Chief Executive Officer and Managing Director of BCPG, said the success reflects growing demand for high-quality carbon credits, while Gloyta Nathalang, Senior Executive Vice President for Sustainability Management and Corporate Communications at Bangchak Corporation and President of CMC, said the transaction supports future operations under Article 6 of the Paris Agreement. MEX and CMC plan to expand the types and volumes of products on both platforms and to support carbon market connectivity at the ASEAN level over the long term.

DITTO (Thailand) Public Company Limited, or DITTO, has taken carbon credits from roughly 10% of the mangrove reforestation project area it manages, spanning more than 170,000 rai, through a tokenization process to make carbon credits easier for investors and businesses to access. At present, trading of carbon credits in Thailand remains limited because buyers and sellers must match with each other directly and there is still no public market. Thakorn Rattanakamonporn, Chief Executive Officer of DITTO, said at the seminar "Opening the World of Alternative Assets: Filling Out Investment Opportunities" that the Blue Green Token has been verified by the relevant agencies in both carbon credits and digital assets, and that the ICMA standard used for green bonds has been applied. Holders who hold the token for the full seven-year term will receive a principal guarantee, a return of 3% per year, and the chance of additional gains if the value of carbon credits rises in the future. Thakorn said mangroves have the potential to absorb about 9.4 tonnes of carbon per rai per year, and that if Thailand moves from a voluntary carbon market to a mandatory one, it would help raise the standards of Thai products to align with global rules. Wanphat Phasayawan, Assistant Manager of the Investment Banking and Tokenization Division at Token X, said at the same event that Token X, which is part of SCBX, helps those seeking to raise funds to develop projects by using blockchain technology in the process of issuing and distributing tokens. She said the Blue Green Token took about three to four years to develop before the product could be issued.

Alphabet backed its biggest carbon-removal project yet through Terradot, Reuters reported Wednesday, even as its shares slipped approximately 0.9% to $341.72. Terradot plans to deploy enhanced-weathering material across more than 200,000 hectares of rice fields in Brazil, targeting one million metric tons of methane-abatement credits by 2030 and another one million tons of carbon-removal credits by 2040, a removal target roughly ten times the scale of earlier rock-weathering projects. Google already owns an equity stake in Terradot, giving it exposure not just as a buyer of credits but as a financial backer of the technology itself. A 2024 Terradot transaction implied a removal cost of about $300 per ton, while developers see roughly $100 as a level that could unlock much broader adoption, though pricing for Google's latest agreement has not been disclosed. Alphabet's $341.72 share price stands 34.54% above its GF Value estimate of $253.99, putting more pressure on Google's massive AI and infrastructure spending to translate into durable growth.

Energy Absolute, or EA, disclosed that the Bangkok E-Bus Programme has delivered 57,327 ITMOs in carbon credits under the international cooperation mechanism to the KliK Foundation in Switzerland, bringing the project's cumulative deliveries to 108,960 ITMOs. These ITMOs represent greenhouse gas reductions that have been measured, verified and certified to standard, and have been approved for international transfer under Article 6.2 of the Paris Agreement to support Switzerland's NDC targets. The project puts more than 2,000 electric buses into service in Bangkok and its vicinity, replacing diesel and natural gas buses. Chatchapol Sripratum, Chief Executive Officer of EA, said this achievement shows that the transition to clean energy can deliver real environmental, social and economic results, and that the company is ready to build on its know-how, technology and partnerships to expand its Green Energy Ecosystem into other sectors.

Mitti Labs has announced a five-year carbon credit agreement with Google to scale climate-smart agriculture across 100,000 hectares of smallholder rice farms in India, in what the company calls the largest rice methane offtake to date. Under the deal, Mitti Labs will deliver one million high-integrity credits to Google by 2030. By transitioning over 70,000 farmers to water and methane-savings irrigation practices, the partnership aims to eliminate 3M tons of near-term warming impact, measured as GWP20 and equivalent to 1M tons of GWP100 impact, while conserving billions of gallons of water across critical regional basins. The partnership is also projected to deliver billions of liters of water savings nationwide, an amount equal to Bengaluru's annual supply for three years. Google Chief Sustainability Officer Kate Brandt said Mitti Labs' approach delivers critical near-term atmospheric impact by cutting methane emissions while empowering smallholder farmers. Mitti Labs co-founder Xavier Laguarta called the partnership a powerful accelerator of the company's mission to reduce emissions, save water, and strengthen the livelihoods of the 150 million smallholder farmers who grow rice. Mitti Labs, which launched in 2023 and has grown to 150 employees, has raised $12.5 million from investors including Lightspeed India, Aramco Ventures, Voyager Ventures, Godrej Industries Group, Cisco Foundation, Francis Family Fund, and Volta Circle, and has received an A rating for its methane-based credits from ratings agency Sylvera.

The Thai government, together with major energy and industrial players such as PTT, SCG, and Thai Airways, is accelerating its carbon neutrality (Net Zero) target to 2050, earlier than the original 2065. It is also moving forward with the draft Climate Change Act, which will impose a carbon tax on upstream products and establish an emissions trading system (ETS), expected to take effect in the third quarter of 2027. Thailand needs at least 2 trillion baht in funding to support climate investments, while the World Bank warns that delays could cause Thailand's GDP to contract by 7-14% by 2050. Meanwhile, PTT plans to invest at least 5 billion US dollars in the iSPARK and CCS Hub projects in the Map Ta Phut area, aiming to reduce carbon emissions by at least 9 million tonnes per year by 2035 and create over 10,000 new jobs.

A major United Nations report states that the global average temperature is likely to rise more than 1.5 degrees Celsius within the next few years, and could reach 1.8 degrees Celsius in the best-case scenario, or 2.6 degrees Celsius if current policies remain. Currently, temperatures have already increased by 1.4 degrees Celsius. This report marks the end of the previous era and indicates that the world may not be able to avoid overshooting the threshold, so the goal must shift to bringing temperatures back below 1.5 degrees Celsius by the end of this century. Debra Roberts, one of the co-authors from the University of KwaZulu-Natal, stated that the level of commitment from countries will determine whether the overshoot lasts for decades or millennia. Reducing temperatures requires accelerating the reduction of greenhouse gases and removing carbon from the atmosphere, both naturally and through technology, including making net emissions negative. At the same time, communities must be helped to adapt to irreversible impacts, such as rising sea levels.

UK-based carbon insurance company Kita has taken an undisclosed strategic investment from Japan's Tokio Marine Group and agreed to broaden its commercial collaboration. The investment was made through Tokio Marine & Nichido Fire Insurance Co, Kita said on 31 July. The deal deepens an existing relationship with Tokio Marine Kiln, with the companies already having worked on political risk insurance products aimed at carbon credit transactions. Kita said the expanded partnership will now extend to additional Tokio Marine Group companies to support the growth and integrity of global carbon markets. In Japan, Kita and TMNF are developing insurance designed to protect carbon credit buyers against transaction risks, including the possibility that prepaid credits are not delivered as contracted, and will also explore offering carbon project risk assessment services to TMNF customers using satellite-based analytics.

The Stock Exchange of Thailand has signed a memorandum of understanding with the Thailand Greenhouse Gas Management Organization to enhance capacity and increase the number of carbon verifiers in the country's carbon market ecosystem. Mr. Assadet Kongsiri, Director and Manager of the SET, stated that the SET Carbon Platform, which received certification from TGO in 2025, will be used to calculate and disclose greenhouse gas emissions data of listed companies. The data must be verified by experts certified by TGO. The SET will leverage its experience from the SET Exam platform to support examination arrangements and promote learning to elevate the credibility of greenhouse gas data. Mr. Nakorn Trangkaviraput, Director of TGO, said this collaboration will help unlock personnel constraints through the Climate Action Academy and effectively support the growth of greenhouse gas reduction mechanisms. The memorandum of understanding spans three years, aiming to build quality personnel and drive Thailand towards the Net Zero goal sustainably.

The third public hearing draft of the Climate Change Act establishes a greenhouse gas emissions trading system and a carbon tax. Controlled legal entities will have their emission allowances capped and must reduce greenhouse gas emissions, potentially by adopting carbon capture and storage technology, or CCS. However, such investments involve high costs and risk from carbon price volatility. Associate Professor Dr. Piti Eiamchamroonlarp proposes using carbon contracts for difference for emission reduction projects, or CCfDs, as a tool for the government to compensate the difference between the market price of emission allowances and the cost of carbon avoidance or CCS services. This would incentivize industries to invest in low-carbon technology instead of buying emission allowances. These long-term contracts of 10 to 20 years would reduce financial risk and promote a domestic CCS market. Following the European Union's approach, CCfDs would be allocated through a competitive bidding process with an evaluation system to ensure the most effective use of public funds.

The digital token Blu Green Token began trading on the first day on the Bitkub digital asset exchange, opening at 1.30 baht per coin, up 8.33% from the subscription price of 1.20 baht, and during the day rose to touch 1.44 baht, or an increase of 20%. The token is issued by Siam TC Technology, a subsidiary of DITTO, as a digital investment token with carbon credits from a mangrove forest restoration project as the underlying asset. It is Thailand's first environmental token, raising 400 million coins worth 480 million baht to plant and care for over 17,531 rai of mangrove forest under the T-VER standard of the Thailand Greenhouse Gas Management Organization. Executives said this project will help businesses access carbon credits more easily and prepare for future cross-border carbon tax measures.

Sustainable Green Team, Ltd. has announced a strategic partnership with a Florida-based capital group to scale its carbon-market verification platform. The partner is committing capital toward production infrastructure and operations, alongside a multi-year purchase agreement for SGTM's product, and the parties are pursuing a master license for SGTM's verification technology. The partner will also originate and market carbon credits generated through the platform. The partnership comes amid surging demand for verified carbon credits, with independent analysts projecting global demand could climb toward 2 billion metric tons annually by 2030. SGTM's platform produces independently verifiable environmental credit certificates and is built on 180 pending patents spanning 12 institutional domains, with carbon markets being the first domain brought to a partner at this scale.

The global carbon offset and carbon credit market is projected to grow from $534.25 billion in 2026 to $1.43 trillion by 2032, at a compound annual growth rate of 17.85%, according to a new report from ResearchAndMarkets.com. The market, which surged from $454.41 billion in 2025, is being propelled by advanced technologies such as blockchain, remote sensing, and digital ledgers that enhance credit integrity and scalability. The report segments the market into compliance and voluntary structures, avoidance and removal credit types, and project categories spanning energy efficiency, forestry, renewable energy, and nature-based solutions. Regional dynamics vary, with the Americas leveraging regulatory support, EMEA showcasing mature trading systems, and Asia-Pacific advancing through industrial shifts and cross-border collaboration. Recent U.S. tariffs on carbon-heavy imports are affecting project costs and procurement strategies, though new tax benefits and grants are being considered to mitigate fiscal pressures.

The global carbon credit trading platform market is projected to grow from $244.74 million in 2026 to $894.33 million by 2032, at a compound annual growth rate of 23.62%. The market expanded from $202.61 million in 2025 to $244.74 million in 2026. Growth is driven by stringent regulations, corporate sustainability commitments, and technology solutions enhancing credit integrity. The report covers compliance and voluntary schemes, project types including forestry and renewables, end-user industries, transaction types, buyer profiles, platform options, and regions such as the Americas, Europe, Middle East, Africa, and Asia-Pacific. Key companies profiled include 3Degrees Group, AirCarbon Exchange, CME Group, Intercontinental Exchange, Nasdaq, and S&P Global.