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What carbon credit retirements tell us about buyer behaviour

  • Dr Kirti Ramesh
    Senior Director, Ratings Innovation
  • Ana Karla Nobre Dias
    Head of Data Analytics
8 October 202511 min
  • Markets and Policy
  • Ratings

Here are some key takeaways

  • In 2025, credits with a BeZero ‘A’ rating or higher reached their highest share of retirements yet, signalling a growing market preference for premium quality, even amid limited supply.

  • Retirement data between 2020 and 2025 (to date) show a statistically significant increase in credit retirement rates once a BeZero Carbon Rating has been assigned. Retirement rates almost double once a project is rated, and more than triple when a project is assigned a ‘A’ rating, reinforcing ratings as a clear signal to unlock buyer demand.

  • Buyers are chasing quality: retirements of projects rated ‘A’ or higher are rising fast despite tight supply, showing clear demand for high-quality credits.

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