Which carbon credits are real?
Carbon credits and offsetting appear on 22 recent papers, with 9 in the last quarter against about 4 per quarter before, but only 3 carry a quality, additionality, integrity or greenwashing keyword. After investigations found that many forest credits avoided no emissions, the market shrank and new integrity labels appeared. Do buyers now pay for quality?
What prompted this#
Since October 2025, 22 papers carry a carbon-credit, carbon-offset or voluntary-carbon keyword (14 in economics journals): "carbon credits" on 6, "carbon offsetting" on 5, "carbon credit trading" on 4. Nine of them were published in July–September 2026 against about 4 per quarter earlier. Only 3 of the 22 also carry a quality, additionality, integrity, rating or greenwashing keyword.
Questions#
- Do credits with integrity labels (for example the Core Carbon Principles) trade at a premium, and does the premium reflect measured additionality?
- Which firms buy the lowest-quality credits, and do their ESG ratings reward the purchase anyway?
- Can satellite data verify forest credits well enough to price them?
Data that could help#
Registry data on credit issuance and retirement (Verra, Gold Standard), credit prices by project type, buyers' sustainability reports, and satellite forest cover.
Next step#
Match retired credits in the public registries to the buyers' reported offset use and compare the project types chosen by firms with high and low ESG ratings.