Verra approved the first carbon credits under its new digital monitoring, reporting, and verification (DMRV) pilot. This move signals a major shift in how carbon credits are issued. Instead of waiting for annual verification cycles, projects can now receive high-frequency issuances, including monthly or bi-monthly approvals. As a result, the carbon market may become faster, more transparent, and more data-driven.

The first credits under this pilot came from the Foumbouni-Mitsamiouli solar farm project (Verra Project 3788) in the Union of Comoros.

Foumbouni-Mitsamiouli Solar Project Leads Verra’s Digital Carbon Shift

In addition, the project integrates 1 MW/2 MWh of battery storage. This storage system allows the solar plants to operate in hybrid mode and islanding mode. In simple terms, the plants can stabilize the grid and export clean power even when grid conditions fluctuate.

This development marked a turning point for the island’s energy system. Before the solar farms came online, the national utility SONELEC relied almost entirely on diesel-fired power plants. Electricity access remained below 60%, and supply was often unreliable. Diesel imports were costly and exposed the country to fuel price volatility.

Now, each plant generates around 12.7 gigawatt-hours (GWh) of electricity per year. On average, the bundled project reduces 9,384 tons of carbon dioxide equivalent annually. Beyond emissions cuts, the project strengthens national energy security and creates local employment opportunities.

Most importantly, it replaces fossil fuel-based electricity with renewable solar power. For a country that depended heavily on diesel generation, this shift is significant.

SustainCERT acted as the validation and verification body (VVB). It conducted a fully digital verification process. Project developers submitted monitoring data electronically, and the verification process took place entirely online. This marked the first successful digital verification under Verra’s DMRV pilot.

Verra Project Hub Powers a New Digital Era

Verra launched the DMRV pilot as part of a broader plan to digitize its entire project cycle. The organization aims to improve efficiency, reliability, speed, and transparency across the voluntary carbon market.

At the center of this transformation is the Verra Project Hub. This online platform serves as a comprehensive tool for creating and managing projects under Verra’s standards programs. It allows project proponents to submit validation, monitoring, and verification documents digitally. It also integrates directly with the Verra Registry, enabling faster issuance once approvals are granted.

The platform simplifies several steps in the project lifecycle. For example:

• It enables the digital submission of monitoring data.
• It automates calculations of emission reductions and removals using built-in engines aligned with approved methodologies.
• It allows VVBs to access project records and submit verification reports directly.
• It tracks milestones, deliverables, and reviews progress in real time.

As a result, stakeholders can collaborate more efficiently. Communication between project developers, VVBs, and Verra becomes smoother. At the same time, the system enhances transparency because documentation and data are centrally managed and traceable.

Verra is also digitalizing its most widely used methodologies. Templates collect all required project information in a structured format. A built-in calculation engine then computes emission reductions or removals for a given crediting period. This reduces human error and improves consistency across projects.

Digital Project Submission Tool for QC

In parallel, the Digital Project Submission Tool strengthens quality control. It checks data consistency and completeness using automated validation logic. If data is missing or incorrect, the system flags it immediately. Corrections can be made quickly, and all changes are logged for traceability. This improves auditability and builds trust among credit buyers.

Safeguards and Phased Credit Issuance

Under the DMRV pilot, Verra introduced a phased issuance structure to manage risks.

If a DMRV-based verification request for a high-frequency issuance installment is approved, the project proponent may request 80% of the approved credits. Verra withholds the remaining 20% as a safeguard during the pilot phase.

After one year of high-frequency issuances, the project must undergo a full traditional verification. This broader review covers additional elements such as safeguards, stakeholder engagement, and other non-digitized parameters. If Verra approves this non-DMRV-based verification request, the proponent can request issuance of the remaining 20%.

This structure balances innovation with risk management. It allows projects to benefit from faster cash flow while maintaining environmental integrity.

Verra is currently piloting this digital process for other project types as well. These include carbon capture and storage (CCS) activities and clean cookstove projects. If successful, the DMRV approach could expand across multiple sectors.

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Carbon Market Supply and Demand Shift in 2025

While Verra pushes digital innovation, the broader carbon market also experienced notable changes in 2025.

As of December 31, 2025, more than 10,200 projects were registered across 18 major carbon credit registries tracked by MSCI. During the year, these projects issued 294 million tonnes of carbon dioxide equivalent (MtCO2e). Since the Paris Agreement was signed in late 2016, cumulative issuances have surpassed 2.6 billion credits.

Also, according to Sylvera, new issuances declined to roughly 270 million tonnes in 2025. This marked the lowest annual issuance level since 2020.

On the supply side, renewable energy credits saw the sharpest drop. For years, market participants debated their additionality. Many buyers increasingly viewed grid-connected renewable projects as having limited incremental climate impact, especially in markets where renewables are already competitive. As confidence weakened, fewer new renewable credits entered the market.

Nature-based projects still dominate overall volumes. Forestry and land-use projects remain the largest sources of issued and retired credits. However, even within this segment, the mix is evolving. Buyers now focus more on quality, permanence, and robust monitoring systems.

On the demand side, retirements fell slightly in 2025. Yet this does not necessarily signal declining corporate interest. The number of buyers remained relatively stable. What changed was purchasing behavior.

Companies became more selective. They scrutinized methodologies, co-benefits, and verification standards more closely. In many cases, they shifted toward higher-integrity credits, even if volumes were lower. At the same time, price sensitivity increased in some segments.

Therefore, the market is not shrinking. Instead, it is maturing. Buyers demand stronger transparency, clearer impact, and better data.

Digitalization Could Restore Confidence

In this context, Verra’s DMRV initiative arrives at a critical moment. As the voluntary carbon market faces scrutiny over quality and additionality, digital monitoring and automated calculations can improve credibility.

High-frequency issuance also benefits project developers. Faster approvals improve cash flow and reduce administrative delays. Meanwhile, automated systems reduce manual paperwork and the risk of calculation errors.

For buyers, digital verification enhances confidence. Real-time data submission and traceable logs create a clearer audit trail. Over time, this may help rebuild trust in segments where credibility has weakened.

Ultimately, the Foumbouni-Mitsamiouli solar project represents more than just a renewable energy investment. It marks the beginning of a new digital chapter for carbon markets. If Verra successfully scales DMRV across sectors, the VCM could become more transparent, efficient, and resilient in the years ahead.

• READ MORE: The Carbon Credit Market in 2025 is A Turning Point: What Comes Next for 2026 and Beyond?

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Rio Tinto delivered a mixed but resilient performance in the full-year 2025. While weaker iron ore prices weighed on profits, strong copper growth and disciplined cost control helped the mining giant keep earnings stable and maintain its dividend.

The world’s largest iron ore producer reported underlying earnings of $10.87 billion for the year ended December 31, unchanged from 2024. However, net profit fell 14% to $9.97 billion, compared to $11.55 billion a year earlier.

Despite the profit decline, Rio Tinto kept its shareholder payout steady. It declared an ordinary dividend of $6.5 billion, maintaining a 60% payout ratio. This marked the tenth straight year the company paid at the top end of its target range.

Iron Ore Softens, Copper and Aluminium Step Up

Lower iron ore prices hurt earnings. As the backbone of Rio Tinto’s business, iron ore remains critical. However, copper and aluminium delivered strong support.

Copper production rose 11% year over year. The key driver was the ramp-up of the Oyu Tolgoi underground project in Mongolia, where output surged 61%. This project is now complete and will play a major role in future copper growth.

Aluminium also performed well across the value chain. The company achieved record annual bauxite production of 62.4 million tonnes. As a result of higher volumes and better productivity, Rio Tinto reduced operating unit costs by 5% in real terms during 2025.

Operational cash flow strengthened. Net cash from operating activities rose 8% to $16.8 billion. Meanwhile, underlying EBITDA climbed 9% to $25.4 billion. These gains reflected operational discipline and tighter cost management.

Looking ahead, the company aims to deliver a 4% compound annual unit cost improvement through 2030. It also expects productivity initiatives to generate $650 million in annual benefits by early 2026.

Big Projects Drive Future Growth

Rio Tinto made significant progress across its global project pipeline in 2025. The major milestones are explained below:

Simandou Iron Ore Project

The Simandou project in Guinea reached a major milestone. The company shipped its first high-grade iron ore in December. This project is expected to strengthen long-term supply and improve product quality.

Pilbara Replacement Mines

In Western Australia’s Pilbara region, the Western Range replacement mine opened on time and on budget. Additionally, construction began at three more brownfield iron ore mines. Four of the five major replacement projects are now either ramping up or under construction.

Copper Expansion

The Oyu Tolgoi underground development is complete. Rio Tinto also achieved first production of Nuton copper at the Johnson Camp mine. The company remains on track to deliver 3% compound annual growth in copper-equivalent production through 2030.

Lithium Growth

In March, Rio Tinto closed its acquisition of Arcadium ahead of schedule. The focus now shifts to advancing lithium projects in Argentina and Canada. The company targets 200,000 tonnes per year of lithium carbonate equivalent capacity by 2028.

Together, these projects strengthen Rio Tinto’s position in future-facing commodities like copper and lithium, which are essential for electrification and the energy transition.

Strong Balance Sheet and Capital Discipline

Despite profits falling, Rio Tinto’s financial position remains solid. Its strong cash flow supports consistent dividends and future investment. The company plans to unlock between $5 billion and $10 billion from its asset base. It is currently reviewing options for its borates and titanium dioxide (TiO₂) businesses and considering infrastructure monetization.

Management also streamlined operations. It reduced its structure from four product groups to three core divisions, i.e., iron ore, aluminium & lithium, and copper

Additionally, the company reduced contractor numbers and discretionary spending. It also placed the Jadar project into care and maintenance and stopped non-core studies. These steps sharpened its focus on value-generating assets.

• ALSO SEE: Copper Drives BHP’s $6.2B Profit Surge in FY26 Half-Year Results

Climate Action: Progress with Challenges

Sustainability remains an important part of Rio Tinto’s long-term strategy. The company spent $612 million on decarbonization initiatives in 2025, up from $589 million in 2024

In 2025:

• Gross Scope 1 and 2 emissions were 31.5 million tonnes of CO₂ equivalent, down 14% from the 2018 baseline of 36.7 million tonnes.
• Scope 3 emissions, which include customer use of products, reached 575.7 million tonnes of CO₂ equivalent. These emissions represent the largest share of its climate footprint. After applying high-quality carbon offsets, net emissions were 17% below baseline.

However, progress slowed compared to prior years. Emissions fell by just 0.2 million tonnes from 2024 levels. Increased production in iron ore and copper partly offset reductions.

Renewable Energy Contracts and Carbon Credits

The mining giant relies on renewable energy contracts and renewable diesel use, especially at its Kennecott site. It also retired about 1.01 million Australian Carbon Credit Units (ACCUs) to meet regulatory requirements.

Still, the path to its 2030 target of a 50% reduction in Scope 1 and 2 emissions depends on third-party renewable projects and successful commercial agreements. These factors remain outside the company’s direct control.

Around 7% of its electricity came from renewable sources, slightly lower than 78% in 2024 due to accounting adjustments in reported figures.

Environmental and Water Management

Air quality indicators such as NOx, SOx, and fluoride levels remained relatively stable over five years. However, PM10 levels increased slightly over the past three years. To reduce emissions at the source, Rio Tinto continues to upgrade equipment with best-available technologies. It also expands air monitoring networks around its operations.

Water management improved in 2025. Total operational water withdrawals declined to 1,147 gigalitres, down from 1,250 gigalitres in 2024. Freshwater withdrawals also fell slightly to 386 gigalitres.

Water recycling increased to 374 gigalitres, showing better reuse practices. Meanwhile, total water discharges dropped to 626 gigalitres.

The company advanced several community-focused water initiatives, including implementing a new water strategy at QIT Madagascar Minerals. It also increased transparency by publishing detailed water performance data.

The Bigger Picture

Overall, Rio Tinto delivered steady underlying earnings in a challenging pricing environment. Iron ore weakness pressured profits, yet copper and aluminium provided strong support.

At the same time, disciplined capital allocation, operational efficiency, and large-scale project execution strengthened its long-term outlook.

Looking forward, growth will rely heavily on copper and lithium. These metals sit at the heart of global electrification and decarbonization trends. If Rio Tinto delivers on its cost improvements and project milestones, margins and cash flow could improve further.

However, climate targets remain ambitious. Achieving deeper emissions cuts will require faster renewable energy deployment and broader collaboration across its value chain.

In short, 2025 showed resilience rather than rapid growth. Rio Tinto balanced shareholder returns, project expansion, and sustainability progress. Now, its future depends on executing its copper-led strategy while navigating commodity cycles and climate commitments.

• LATEST: Rio Tinto and Amazon Web Services (AWS) Join Forces to Supply Low-Carbon Copper for U.S. Data Centers

The post Rio Tinto’s HY25 Profit Falls 14%, but Copper Projects and Sustainability Efforts Stand Out appeared first on Carbon Credits.

Booking Holdings closed 2025 with solid financial growth, supported by strong global travel demand. The global travel platform reported solid increases in revenue, bookings, and cash flow during the year.

At the same time, it made further progress toward its net-zero target by 2040. Operational emissions remain sharply lower than pre-pandemic levels, supported by renewable electricity and efficiency gains. As travel demand expands, the company is working to balance business growth with long-term emissions reduction commitments across its value chain.

Booking Holdings reported $26.9 billion in revenue for full-year 2025, up 13% year over year. Gross bookings reached $186.1 billion, a 12% increase compared with 2024. Room nights booked totaled 1.235 billion, rising 8% year over year.

Profitability remained strong. Adjusted EBITDA reached $9.9 billion, up 20%, while the adjusted EBITDA margin improved to 36.9%, compared with 35.0% in 2024. Free cash flow increased 15% to $9.1 billion.

However, net income declined to $5.4 billion, down 8% year over year, reflecting higher expenses and investment costs. Net income margin stood at 20.1%, compared with 24.8% in 2024.

In the fourth quarter alone, Booking generated $6.3 billion in revenue, up 16% year over year. Gross bookings for the quarter reached $43.0 billion, also up 16%. Room nights rose 9% to 285 million.

The results show continued strength in leisure travel and alternative accommodations across major markets.

Diversified Business Drives Growth

Booking Holdings operates several major travel platforms, including Booking.com, Priceline, Agoda, KAYAK, and OpenTable. Its growth in 2025 came from multiple segments. Alternative accommodation options grew. Also, flight bookings and attraction services became more popular.

The company’s global footprint across more than 200 countries provides geographic diversification. This helps reduce exposure to single-market disruptions.

Booking continues to invest in technology and artificial intelligence to improve the user experience. The company is integrating AI tools to personalize travel planning and enhance partner services.

At the same time, cost discipline helped lift margins. The company balanced investments with efficiency measures, supporting its improved adjusted EBITDA margin.

Science-Based Targets Shape the 2040 Roadmap

Alongside financial growth, Booking Holdings continues to advance its climate goals. The company has committed to reaching net-zero greenhouse gas emissions by 2040. Its climate targets have been validated by the Science Based Targets initiative (SBTi).

Booking aims to reduce Scope 1 and Scope 2 emissions by 95% by 2030, compared with a 2019 baseline. These emissions come mainly from office energy use and direct operations.

The company has already made major progress. Operational emissions (Scope 1 and 2) have declined by approximately 85% compared with 2019 levels. This reduction mainly came from using 100% renewable electricity for office operations. It has also improved energy efficiency.

Scope 1 and 2 emissions represent only about 1% of Booking’s total emissions footprint.

The 99% Challenge: Decarbonizing the Value Chain

The vast majority of Booking Holdings’ emissions fall under Scope 3, which includes indirect emissions from its value chain. Scope 3 emissions account for roughly 99% of the company’s total greenhouse gas emissions.

These emissions come from areas such as:

• Purchased goods and services
• Business travel
• Employee commuting
• Capital goods

Reducing Scope 3 emissions is more complex because they depend on third parties. However, Booking has committed to cutting Scope 3 emissions by 50% by 2030 and 90% by 2040, compared with 2019 levels.

The company continues to refine its emissions accounting methods to improve data quality and reporting accuracy. Better data helps identify the largest sources of emissions and target reduction strategies.

Scope 3 reductions will depend on collaboration with partners, suppliers, and travel service providers.

Expanding Sustainable Travel Options

Booking Holdings has also focused on helping travelers make more sustainable choices. Through its platforms, the company highlights accommodations with recognized sustainability certifications. This allows customers to see properties with verified environmental practices.

The company works with partners to improve sustainability standards and reporting transparency. It also collaborates with external organizations to align with global frameworks.

In previous years, Booking set a target for a large share of bookings to come from properties with sustainability certifications. The company keeps adding sustainability to product design and customer info, even as targets change.

These initiatives aim to support lower-carbon travel behavior while maintaining business growth.

Travel and tourism contribute significantly to climate change. Latest estimates show the global travel and tourism sector made up about 7.3% of total greenhouse gas emissions in 2024, down from 8.3% in 2019.

Managing Climate Risks

Booking recognizes that climate change presents operational and financial risks. Extreme weather events, rising temperatures, and water scarcity can affect travel demand and infrastructure. Destinations vulnerable to climate impacts may face disruptions.

The company evaluates physical and transitional climate risks in its long-term planning. It looks at how policy changes, carbon pricing, and sustainability rules might impact operations and partners.

Booking wants to boost resilience by adding climate risk assessments to its strategy. This will help meet global sustainability expectations.

Profit Expansion Meets Emissions Reduction

Booking Holdings’ 2025 results show that strong travel demand can coexist with advancing climate commitments.

Revenue growth of 13% and adjusted EBITDA growth of 20% demonstrate financial strength. At the same time, the company has significantly reduced operational emissions and set bold long-term reduction goals.

Operational emissions are already down sharply. The next phase will focus on value chain decarbonization. This area represents the largest share of its footprint.

Reaching net-zero by 2040 will require continued collaboration with travel suppliers, property owners, airlines, and technology providers.

As global travel rebounds and expands, emissions management will remain a key challenge for the sector.

Can Travel Growth Align With Net-Zero Goals?

Heading into 2026, Booking Holdings appears financially stable and operationally strong, as stated in its guidance. Solid cash flow and margin expansion provide resources for investment and innovation.

Sustainability will likely remain central to the company’s long-term strategy. Meeting Scope 3 targets and maintaining renewable electricity sourcing will be critical milestones.

The company’s performance in 2025 shows that growth and climate strategy are increasingly linked. Investors and customers alike are paying closer attention to both financial returns and environmental responsibility.

If Booking continues to align revenue expansion with emissions reduction, it could strengthen its position as both a leading travel platform and a climate-conscious global company.

• READ MORE: Greening the Aviation: Lufthansa and Airbus Team Up to Cut Business Travel Emissions Using SAF

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