It’s no secret that Toyota’s hydrogen fuel cell Mirai has not been successful in sales as the carmaker itself admitted. But that didn’t discourage the Japanese automaker from planning to accelerate the adoption of hydrogen fuel cell (FCEV) technology.
In its latest sales and production report, Toyota has shown year-on-year growth in both performance results globally.
Total sales of electrified vehicles, both inside and outside Japan as well as per region (North America, Europe, Asia, China, and other) have increased significantly. It’s also true across the board for reporting coverage – for September 2023, total from January-September 2023 and from April-September 2023.
Toyota’s FCEV Sales Performance
Toyota’s worldwide electric vehicle (EV) sales were up about 52% for the month of September. The same positive performance was achieved for 2023 (31%), and for the first half of fiscal year, April-September, (38%).
For FCEV sales, positive results are also observed for global sales but not for the outcome for Toyota’s home country. Hydrogen fuel cell EVs are also using an electric motor like a battery EV but it sources power from a fuel stack where hydrogen is stored.
Worldwide sales for FCEV increased for September, last nine months, and last six months by 166%, 22%, and 77%, respectively.
The remarkable results are all thanks to the carmaker’s sales outside Japan, with a whopping 289% increase for September. For the last 6 months and 9 months, figures were both up about 94% and 47%, respectively.
Looking at the yearly achievements, FCEV sales peaked in 2021 and painted a good picture overall. 2023 data is through September only, which the company believes to also increase YoY.
As Toyota aims to sell more by 2030, the company plans to tap into this technology that’s been touted as the future of mobility.

The Fight for Hydrogen Vehicle Goes On
The largest carmaker by sales has long placed a huge bet on FCEV as an alternative to fossil fuels. But the company’s sales of hydrogen vehicles weren’t that significant. It has only sold fewer than 22,000 hydrogen fuel cell Mirai since 2014.
The average annual number of FCEV sold was so insignificant compared to Toyota’s total vehicle sales. Expensive cost of the fuel and lack of hydrogen fueling stations are the two largest bottlenecks hindering sales growth.
Yet, this didn’t dissuade the car company to continue investing in and developing its hydrogen fuel cell technology.
In October, Isuzu and Toyota joined forces to mass produce a light hydrogen fuel cell truck. The truck is based on Isuzu’s light-duty truck platform and will be powered by Toyota’s hydrogen fuel cell system.
Toyota’s FCEV technology is also facing close rivalry from its peers, including Hyundai, Honda, Nissan, and Daimler. Hyundai has had fuel cell vehicles on the market for several years already. Meanwhile, Honda has also been experimenting with FCEV and improving it for some time.
Nonetheless, Toyota made headlines last July when it revealed plans to roll-out 200,000 hydrogen-powered vehicles, targeting Europe and China.
Such revelation is a major shift in Toyota’s focus, which announced intent to commercialize its game-changing solid-state battery by 2027. These next-gen batteries can potentially cut carbon emissions of EV batteries by 39%.
Reducing planet-warming emissions is one of the key drivers prompting Toyota, as well as other automakers, to invest in fossil fuel alternatives like FCEV. The ultimate goal is to bring the world to net zero emissions by 2050.
Toyota’s Net Zero Targets
For the Japanese car marker, that means achieving zero carbon emissions in three areas: lifecycle, new vehicle, and production at plants.
Life Cycle Zero CO2 Emission Target
The company aims to reduce GHG emissions by 30% throughout a vehicle’s life cycle by 2030 versus 2019 levels. As seen below, life cycle includes emissions from making materials and parts to vehicle manufacturing, logistics/delivery, driving, and recycling.
GHG emissions cover energy consumption in Toyota Motor Corporation and financially consolidation subsidiary corporate activities (Scopes 1 and 2). It also includes GHG emissions from suppliers and customers in relation to vehicles under the company and its subsidiaries (Scope 3).
New Vehicle Zero CO2 Emissions Target
In making new vehicles, Toyota aims to achieve carbon neutrality for average emissions (emissions from production of fuel and electricity and during vehicle operation) by 2050.
Reaching that goal means achieving its near-term targets for new vehicle average GHG emissions by 2030 and 2035 as follows:
- 2030: 33.3% GHG reduction from new vehicles vs. 2019 levels for passenger light duty vehicles and light commercial vehicles. For medium and heavy freight trucks, that’s 11.6% emissions reduction.
- 2035: over 50% GHG emissions reduction from new vehicles compared to the 2019 baseline.
Plant Zero CO2 Emissions Target
Finally, Toyota plans to achieve zero CO2 emissions from production at plants by midcentury. This includes CO2 emissions from energy use in Toyota and its subsidiary plants, as well as CO2 emissions from producing other Toyota brands, involving Scope 1 and 2 emissions).
Under this target, the Japanese automaker plans to tackle the environmental challenge at its factories with the following strategy.
Part of the plan is to purchase carbon credits from other companies to neutralize CO2 emissions. However, Toyota didn’t disclose how much of that emissions would be addressed using the credits.
Toyota’s pursuit of hydrogen fuel cell technology continues, showcasing global sales growth despite challenges in its home country. With a focus on reducing planet-warming emissions and achieving net zero targets, the company remains committed to advancing its FCEV technology.
The post Toyota’s Hydrogen Fuel Cell Vehicle Sales Saw 166% Increase appeared first on Carbon Credits.
Carbon Footprint
Indigo Carbon Surpasses 2 Million Soil Carbon Credits in Landmark 1.1 Million Issuance
Indigo Carbon announced it has now passed 2 million metric tons of verified climate impact from U.S. croplands. The company reached the milestone after issuing its fifth U.S. “carbon crop.” The new issuance includes 1.1 million independently verified carbon credits issued through the Climate Action Reserve (CAR).
Indigo describes the milestone in its announcement as a sign that soil-based carbon programs can scale. It also points to rising corporate demand for credits that meet stricter quality rules.
Indigo’s latest issuance is important because it is linked to a major registry method that now carries an additional integrity label. Max DuBuisson, Head of Impact & Integrity, Indigo, remarked:
“Indigo continues to set the standard for high-integrity soil carbon removals that corporate buyers can trust. Soil carbon is uniquely positioned to scale as a climate solution because it captures and stores carbon while also improving water conservation and crop resilience. By combining world-class science and technology with farmer-driven practice change, we’re proving that agricultural soil carbon is an immediate, durable, high-integrity solution capable of helping global companies meet their climate commitments.”
Inside the 1.1M Credit Issuance and CCP Label
Indigo says its fifth issuance includes 1.1 million carbon credits verified and issued through CAR. These credits come from Indigo’s U.S. soil carbon project, listed on the Climate Action Reserve under the Soil Enrichment Protocol (SEP) Version 1.1.
CAR’s SEP is designed to quantify and verify farm practices that increase soil carbon and reduce net emissions. It covers changes in soil carbon storage and also includes reductions in certain greenhouse gases tied to farm management.
CAR’s SEP Version 1.1 has the ICVCM Core Carbon Principles (CCP) label. This means the method meets the standards set by the CCP framework.

Indigo’s disclosures also describe long-term monitoring rules. The company reports that its U.S. project includes 100 years of project-level monitoring after credit issuance, in line with CAR requirements. This mix of independent verification, registry issuance, and long monitoring periods is central to the case Indigo makes for credit quality.
Breaking Down the 2 Million Ton Milestone
Indigo says its total verified impact now exceeds 2 million metric tons of carbon removals and reductions across U.S. croplands.
In carbon markets, one credit equals one metric ton of CO₂ equivalent. Indigo’s latest issuance is very large by soil carbon standards. It also builds on earlier “carbon crop” issuances.
Indigo’s project disclosures include a quantified impact figure for its U.S. project. The company reports 927,367 tCO₂e reduced or removed through Dec. 31, 2023, for the project listed as CAR1459.

Indigo announced it has saved 118 billion gallons of water. It has also paid farmers $40 million through its programs so far. These points matter because many buyers now look beyond carbon totals. They also want evidence of farmer payments, monitoring rules, and co-benefits like water conservation.
Corporate Demand Shifts Toward Verified Removals
One reason soil carbon is getting more attention is the growing demand from buyers for removals. Many companies now focus more on carbon removal credits, not only avoidance credits.
Indigo’s largest recent buyer example is Microsoft. In January 2026, the carbon ag company announced a 12-year agreement under which Microsoft will purchase 2.85 million soil carbon removal credits from them.
- The soil carbon producer said this is Microsoft’s third transaction with the company, following purchases of 40,000 tonnes in 2024 and 60,000 tonnes in 2025.
The tech giant’s purchases show how corporate buyers may use long-term offtake deals to secure future supply of credits. This matters for soil carbon programs because credits are typically generated over multiple years. And they also depend on practice changes and verification cycles.
Indigo also says its program works across eight million acres, which signals how it is trying to scale participation across U.S. farms.
Soil Carbon Credits: Market Trends and Forecast
Soil carbon credits are gaining attention as buyers shift toward higher-quality credits and clearer verification rules. Ecosystem Marketplace reports that the voluntary carbon market is entering a new phase. This phase emphasizes integrity, even though trading activity has slowed down.
In its 2025 market update, Ecosystem Marketplace noted a 25% drop in transaction volumes. This decline shows lower liquidity as buyers are becoming more selective.

At the same time, demand for higher-quality credits is rising. Sylvera’s State of Carbon Credits 2025 reported that retirements dropped to 168 million credits in 2025, a 4.5% decrease.
Still, the market value climbed to US$1.04 billion due to rising prices. It also found that higher-rated credits (BBB+) made up 31% of retirements, and traded at higher average prices than lower-rated supply.
For soil carbon, buyers are also watching methodology quality. The ICVCM has approved two sustainable agriculture methods as CCP-approved. These are the Climate Action Reserve’s Soil Enrichment Protocol v1.1 and Verra’s VM0042. This can support stronger buyer confidence and may increase demand for soil credits that meet CCP rules.
Looking ahead, Sylvera projects compliance-linked demand will keep growing and could exceed voluntary demand by 2027. That trend may favor credits with stronger verification and compliance alignment, including higher-integrity soil carbon credits. However, integrity issues still occur, and this is where Indigo comes in.
Tackling Permanence and MRV Head-On
Soil carbon credits face a key challenge: carbon stored in soil can be reversed. A drought, land use change, or a shift in farm practices can reduce stored carbon.
This is why monitoring and reversal rules matter. CAR’s protocol is built to quantify, monitor, report, and verify practices that increase soil carbon storage.
Indigo’s project disclosure notes that projects are monitored for 100 years after they are issued. This shows the durability rules tied to their method and registry approach.
The company also positions its program as “outcome-based,” meaning it pays for verified carbon outcomes rather than paying only for adopting a practice. This messaging is designed to reassure buyers that credits are not only modeled. It stresses verification and the registry process.
A Scale Test for High-Integrity Soil Carbon
Indigo’s fifth issuance lands at a time when voluntary carbon markets are placing more weight on integrity labels and independent verification.
Two parts stand out:
- First, volume. An issuance of 1.1 million credits through a registry is large for an agricultural soil carbon program.
- Second, method approval. CAR’s SEP Version 1.1 carries the ICVCM CCP label, which is meant to signal alignment with a global integrity benchmark.
That combination may make it easier for corporate buyers to justify purchases internally. Many companies now face stronger scrutiny from auditors, regulators, investors, and civil society groups.
At the same time, more supply does not automatically mean market confidence rises. Buyers still assess risks such as permanence, additionality, and measurement uncertainty.
Even so, the milestone shows how fast some parts of the removals market are trying to scale. Large buyers are also helping drive this shift through multi-year offtake deals, like the Microsoft agreement for 2.85 million credits.
For Indigo, the new issuance supports its claim that soil carbon is moving from small pilot volumes toward larger, repeatable issuances. For the market, it adds another real-world data point: a major soil carbon program has now completed five issuance cycles and passed 2 million metric tons of verified climate impact.
The post Indigo Carbon Surpasses 2 Million Soil Carbon Credits in Landmark 1.1 Million Issuance appeared first on Carbon Credits.
Carbon Footprint
Meta, Amazon, Google, and Microsoft Dominate Clean Energy Deals as Global Buying Slips in 2025
For nearly a decade, global companies have been racing to buy clean energy from wind farms, solar parks, and other green power projects. But 2025 marked the first decline in this trend in almost ten years — a surprising shift that signals a changing landscape for corporate sustainability.
The latest report from BloombergNEF (BNEF) shows that corporate clean energy purchasing dropped about 10% in 2025, falling from roughly 62.2 gigawatts (GW) in 2024 to 55.9 GW last year.
Let’s break down why this happened, what it means, and how the market could evolve in the coming years.
Clean Energy Buying: The Big Picture
Corporate clean energy buying usually happens through power purchase agreements (PPAs). They are long-term contracts where companies agree to buy electricity directly from renewable energy projects, often wind or solar farms.
For years, this was one of the fastest-growing parts of the clean energy market. Companies like Google, Amazon, Meta, and Microsoft drove most of the demand, helping build huge amounts of renewable capacity. But 2025 interrupted that streak.
Even though 55.9 GW is still one of the largest annual totals ever, the fact that it is lower than the year before shows a real shift in how companies approach renewable energy deals.
Why Corporate Clean Energy Buying Fell
There are several reasons why corporate clean energy buying slowed in 2025:
Corporate buyers are sensitive to electricity market rules and government policies. In many regions, uncertain policy environments made it harder to finalize long-term clean energy contracts. In the United States, for example, uncertainty about future clean energy incentives and carbon accounting standards caused many smaller corporations to hold off on signing new deals.
In some power markets, especially in parts of Europe, there were long hours of negative electricity prices. This happens when supply exceeds demand and power becomes so cheap that producers pay buyers to take it.
These price swings make standalone solar and wind contracts less attractive, especially for companies that want predictable, long-term value from their clean energy purchases.

Dominance of Big Tech
Another key point in the BloombergNEF findings is that the market is becoming more concentrated. As said before, four major tech firms, like Meta, Amazon, Google, and Microsoft, signed nearly half of all clean energy deals in 2025.
Meta and Amazon alone contracted over 20 GW of clean power last year, including deals that cover not just solar or wind, but also nuclear power — something unusual in past corporate PPA markets.
While this heavy concentration helps maintain volume, it also means that smaller companies are scaling back, which lowers the total number of buyers and contributes to the overall slowdown.

- READ MORE: Clean Energy Investment Hits Record $2.3T in 2025 Says BloombergNEF: What Leads the Surge?
Regional Differences: Where Things Slowed and Where They Didn’t
Corporate clean energy markets didn’t all move in the same direction last year. Bloomberg’s data shows clear regional patterns:
United States
The U.S. remained the largest single market for corporate clean energy deals, signing a record 29.5 GW of commitments. Much of this came from major technology companies looking to match their growing electricity needs with zero-carbon power sources.
Yet despite these high numbers, the number of unique corporate buyers in the U.S. dropped by about 51%, as many smaller firms pulled back from signing new PPAs.
Europe, Middle East & Africa (EMEA)
In the EMEA region, corporate PPAs fell around 13% in 2025, slipping back to levels closer to 2023. In Europe, in particular, rising negative prices and unstable policy conditions discouraged many new deals.
Asia Pacific
Asia had a mixed story. Some markets like Japan and Malaysia continued to attract corporate clean energy buyers, thanks to mature PPA markets and supportive regulations. But slower activity in countries like India and South Korea contributed to a drop in total volumes in the region.

The Rise of Hybrid and Firm Power Deals
One interesting trend that emerged in 2025 is that companies are looking beyond just wind and solar. Because of the limitations with standalone renewable deals, many buyers are now exploring hybrid power contracts that mix renewables with storage, or even nuclear and geothermal sources.
Hybrid deals like solar paired with battery storage give companies more reliable power and help manage price and supply risks. BloombergNEF tracked nearly 6 GW of these hybrid agreements in 2025, and expects this share to grow.
- According to a report by SEIA and Benchmark Mineral Intelligence, the United States added a record 28 gigawatts (GW) / 57 gigawatt-hours (GWh) of battery energy storage systems (BESS) in 2025. It reflected a 29% year-over-year increase.
Cheaper battery costs are part of this trend. Recent data shows that the cost of four-hour battery storage projects fell about 27% in 2025, reaching record lows. This makes storage-based renewable contracts more financially compelling.

Big Companies Still Push the Market
Even with the overall slowdown, corporate clean energy buying remains strong, especially among large technology firms.
In fact, while smaller companies took a step back, the major tech buyers helped keep total volumes near all-time highs. In other words, the market didn’t crash; it just shifted shape.
This becomes even clearer when we look at individual company progress. Microsoft reported recently that it now matches 100% of its global electricity use with renewable energy, an achievement that required decades of energy contracts and partnerships.
The Clean Energy Market Is Resetting, Not Retreating
The IEA projects that renewables will provide 36% of global electricity in 2026. This shows that the energy transition is moving forward, even if corporate clean energy purchases dipped in 2025. The slowdown does not signal failure. Instead, it reflects a market that is adapting as companies, technologies, policies, and economics evolve together.

Growth in corporate renewable deals is not always steady. A single year of lower volumes does not erase the gains of the past decade. Instead, it highlights the natural adjustments markets go through as strategies shift and conditions change.
In this transitioning phase, policy and regulation remain critical. Clear rules, incentives, and supportive frameworks encourage smaller companies to participate. Additionally, regions that provide stability, such as parts of the Asia Pacific, are seeing continued growth in corporate clean energy demand.
In conclusion, even with the dip in 2025, corporate renewable energy purchasing is far larger than it was ten years ago. The market is shifting rather than shrinking, and companies continue to find ways to power growth with clean energy. This slowdown may serve as a wake-up call, encouraging smarter, more flexible strategies that can sustain the energy transition for years to come.
- ALSO READ: Renewables 2025: How China, the US, Europe, and India Are Leading the World’s Clean Energy Growth
The post Meta, Amazon, Google, and Microsoft Dominate Clean Energy Deals as Global Buying Slips in 2025 appeared first on Carbon Credits.
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