Xpansiv’s CBL voluntary carbon market (VCM) activity saw significant block trades at both the beginning and end of the week. The week started with a block trade of 175,000 N-GEO Trailing contracts settling at $0.35, marking the largest trade of the week at the lowest unit price.
The data presented in the report is from the Xpansiv Data and Analytics database. It offers a comprehensive collection of spot firm, indicative bids/offers, and transaction data.
Xpansiv provides extensive market data sourced from CBL, recognized as the world’s largest spot environmental commodity exchange. This includes daily and historical information on bids, offers, and transactions for various environmental assets:
- Voluntary carbon credits,
- Compliance carbon, and
- Voluntary renewable energy certificates.
On Friday, block trades of 1.2 million metric tons of CBL N-GEO and CBL GEO December futures occurred at $0.99 and $0.44, respectively, driving weekly price gains of 7% and 16% in the contracts.
Trades and Trends from the CBL’s VCM Report

Blocks of N-GEO-eligible carbon credits were settled at prices up to $5.50. This is consistent with the $5.40 monthly average for recent-vintage, spot AFOLU credit transactions on the exchange. Pilot-phase CORSIA GEO-eligible credit blocks traded up to $1.35, slightly below CBL’s $1.98 monthly average price for technology credits. Additionally, 111 OTC-matched ACCU credits were settled via the trading platform.
On-screen matched trades included 500-ton lots of GS 11134 vintage 2022 Rwandan energy efficiency credits traded at $6.50. And VCS 1477 vintage 2016 Cambodian Mai Ndombe AFOLU credits traded at $1.25.
- A total of 275,167 tons were traded via the CBL spot exchange. Plus, an additional 1,810,000 tons were traded via CME Group’s CBL GEO Emissions futures complex.
New offers in the voluntary carbon trading platform included VCS REDD, ARR, and cookstove carbon credits at prices up to $11.00. A request-for-quote (RFQ) seeking bids for 30,000 MWh of South African solar I-RECs generated in 1H 2024 was also circulated at an indicated offer price of $1.00/MWh.
In the North American Compliance Market, there was significant activity with over 70,000 PJM credits exchanged via CBL. This activity was primarily due to counterparties settling bilateral transactions through CBL’s post-trade infrastructure.
Specifically, 25,000 vintage 2023 Virginia credits were settled, along with 3,574 vintage 2024 DC solar credits and 14,643 vintage 2023 Maryland solar credits.
Screen trading was concentrated in tier 1 PJM markets, where Pennsylvania vintage 2024 credits saw a rise to $35.00 on 9,551 credits traded. Similarly, vintage 2023 Maryland credits experienced a $0.25 increase to $28.00. Finally, there were 6,851 vintage 2024 Virginia credits traded on the CBL at $35.00.
Xpansiv Connect
to Revolutionize Market Infrastructure
Following their report, Xpansiv® has introduced Xpansiv Connect
, an open-access infrastructure designed to facilitate the scaling of the global energy transition. This initiative includes integration with leading multi-registry environmental asset management and automated settlement systems.

Xpansiv Connect
offers all stakeholders seamless access to the company’s sophisticated trading, post-trade settlement, meta-registry, and portfolio management platforms. These include end users, brokers, banks, exchanges, and other service and platform providers.
The platform comes fully integrated with 13 leading global registries. Moreover, Xpansiv Connect
supports 5 voluntary carbon credit marketplaces and a vast network of hundreds of direct market participants.
Xpansiv is collaborating with prominent market participants globally to develop and enhance solutions and services using the platform. These collaborators include Trafigura, MSCI Carbon Markets, GoNetZero
, and Patch.
John Melby, Chief Executive Officer of Xpansiv®, emphasized the importance of launching this new system, saying that:
“We believe opening access to our proven, institutional-grade technology infrastructure will best support the ecosystem of interoperable technology and market solutions needed to achieve a timely and equitable global energy transition.”
Partnerships and Collaborations for a Sustainable Energy Transition
The launch of Xpansiv Connect marks a significant milestone as it opens up Xpansiv’s automated settlement and multi-asset, multi-registry portfolio management system to external trading platforms and exchanges for the first time.
- This move extends the accessibility of Xpansiv’s advanced infrastructure, which processes over 1 billion asset transfers annually, to a broader ecosystem of stakeholders.
Among the partners exploring opportunities to leverage Xpansiv Connect are the Mercantile Exchange of Vietnam and insurers Oka and Kita. Additionally, existing partners such as BeZero Carbon, Sylvera, and the Commonwealth Bank of Australia are also supporting Xpansiv Connect.
Remarkably, the carbon marketplace developed by the Regional Voluntary Carbon Market Company (RVCMC) in the Kingdom of Saudi Arabia will implement Xpansiv Connect comprehensively.
Leveraging this infrastructure, RVCMC aims to integrate its independent exchange matching engine with post-trade settlement and portfolio management system capabilities. The voluntary carbon credit market aims to become operational by the final quarter of 2024, facilitated by the implementation of Xpansiv Connect.
The post Xpansiv’s CBL VCM Saw Significant Block Trades, Xpansiv Connect™ Launched appeared first on Carbon Credits.
Carbon Footprint
The Strategic Case for Nature-Based Carbon Investments
Nature-based carbon investments deserve consideration when they address a specific business dependency and produce outcomes you can measure. Imagine Moonbucks, a global coffee roaster planning next season’s espresso blend. It is considering natural Grade 4 coffee from Jimma, in southwestern Oromia, Ethiopia. Its sourcing decisions affect the roasting schedule and the cash tied up in coffee purchases. Moonbucks needs to understand which measures could protect that supply, what they would cost and how it would judge the results.
1. Define the sourcing problem before choosing a project
Moonbucks needs a dependable component for its espresso blend. Its procurement team wants continuity of volume and an agreed cup profile. Replacing a shipment at short notice could require new sample approval and changes to the blend, and given the schedules for cultivation, processing, and freight delivery, is practically impossible. Moonbucks needs to get this right, and its initial concern is inconsistent deliveries. It commissions an assessment of the supplying farms and post-harvest chain. The questions cover land condition, harvest availability and whether drying or storage problems are affecting saleable lots.
This distinction changes the investment brief. A tree-planting proposal cannot be assumed to fix drying problems. Better storage cannot restore eroded land. The team must establish which problem exists before selecting the response.
CCC’s guide to finding nature-based solutions in your supply chain explains where to look. Here, the next task is to turn a broad concern into a testable proposal.
2. Develop nature-based carbon investments around the actual supply chain
The assessment would trace Moonbucks’ purchases back through the exporter and supplying producer groups. Which farms supply the contracted lots? Who controls land-management decisions? How long does the buyer expect to maintain the purchasing relationship?
Furthermore, Jimma natural Grade 4 cannot be treated as interchangeable with every Ethiopian coffee. Moonbucks would need to test any substitute against its own blend and quality requirements.
Suppose Moonbucks’ assessment identifies an opportunity to maintain shade trees and restore vegetation along exposed streambanks. The IPCC describes agroforestry as a way to store carbon in vegetation and soil, with potential benefits for erosion control and water quality.1 Moonbucks would need local advice on species, growing conditions and maintenance before deciding how these measures fit its sourcing plan.
The proposal now has a defined sourcing connection and a candidate intervention. The next steps are to test its effect on production, assess carbon eligibility and build the financial case.
3. Compare the proposal with other ways to protect supply
WBCSD’s Nature-based Solutions Blueprint recommends comparing nature-based options with other responses across their benefits and costs.2 For Moonbucks, that means evaluating the landscape proposal alongside drying improvements, storage controls and alternative sourcing arrangements.
The product’s natural-process designation matters. Moonbucks should examine the drying and dry-milling chain alongside land conditions. Its team would check storage practices, contamination risks and incoming-lot quality to see whether problems arise before or after the coffee leaves the farms.
The revised proposal might combine land stewardship with separate post-harvest controls. Each component needs its own purpose and budget. A sustainability label should not obscure which activity is expected to solve which problem.
The project develops as the evidence improves. Its scope should follow the diagnosis rather than preserve the first idea unchanged.
4. Establish what the carbon outcome could count toward
Moonbucks’ sustainability team now tests the proposed carbon case separately from the sourcing case. Is the objective a measurable change in Moonbucks’ value-chain emissions, verified credits for separate voluntary use, or distinct outcomes under carefully defined arrangements?
Scope 3 covers value-chain emissions. A purchasing relationship alone does not prove that a farm intervention can be included in Moonbucks’ inventory. The team needs an applicable accounting method, defensible boundaries and evidence supporting attribution.
SBTi’s FLAG Guidance (forest, land and agriculture), version 1.2, says purchased credits used as offsets cannot meet near-term FLAG or energy and industry targets. Eligible land-based removals are subject to accounting requirements.3 Moonbucks needs to test its proposal against those rules before including an outcome in its targets.
For Moonbucks’ Jimma proposal, maintaining existing trees and establishing new vegetation could involve different carbon questions. Specialists must examine the baseline and additionality, meaning what changes because the project proceeds. They must also assess measurement and the risk that stored carbon is lost. CCC’s MRV and additionality article introduces those tests.
Until that work is complete, Moonbucks should not budget an assumed Scope 3 reduction or credit-sale receipt. Direct emissions reductions remain the priority.
5. Build a financial case that survives weaker assumptions
Moonbucks’ finance team would now build a multi-year budget. UNEP’s State of Finance for Nature 2023 compares current finance with the investment needed to meet climate, biodiversity and land-restoration goals.4 The company would cost its proposed activities, farmer participation and ongoing monitoring. Verification, where required, is a separate expense. Maintenance and responsibility for replacing failed plantings must remain visible after the initial establishment budget ends.
Operational benefits need equally careful treatment. If fewer rejected lots reduce emergency purchasing, count that saving once. Do not add “supply resilience” as another financial benefit when it represents the same avoided cost.
Moonbucks should compare a base case with slower benefits, higher implementation costs and no carbon revenue. It should also distinguish production outcomes from quality and shipment outcomes. A single good harvest would not prove that the landscape intervention caused better delivery performance.
A project can remain worth funding even when its carbon case needs more work. That decision must rest on the operational evidence and the company’s objectives, without unsupported environmental claims.
6. Fund a pilot with a clear expansion decision
Moonbucks’ first approval would fund a bounded pilot, rather than commit the entire sourcing program. Before spending, Moonbucks would agree on participating farms, responsibilities and the evidence needed at review.
Its scorecard could track farmer participation, implementation costs and plant survival, alongside accepted coffee volumes and lot-quality results. Carbon measurements would follow the selected method. Farm-level traceability must connect the intervention to the actual sourcing relationship.
Suppose Moonbucks’ review later finds that storage changes explain most quality improvements, while the land measures need longer observation. Those findings would shape the next decision: expand the proven component, adjust the landscape work or pause further spending. They would not justify crediting all improvements to tree planting.
This gives nature-based carbon investments a practical place in a multi-year strategy. Funding increases as the evidence supports it, and the project can change direction before a larger commitment.
Discuss a sourcing opportunity with CCC
Carbon Credit Capital’s nature-based supply-chain investment service uses its Dual-Value Model to examine supply-chain economics alongside potential sustainability outcomes.
Schedule a consultation to discuss your sourcing exposure and the questions to resolve before allocating capital.
Sources
- Intergovernmental Panel on Climate Change (IPCC), Climate Change 2022: Mitigation of Climate Change, Chapter 7, Agriculture, Forestry and Other Land Uses, section 7.4.3.3 (Agroforestry).
- World Business Council for Sustainable Development (WBCSD), Nature-based Solutions Blueprint, 5 June 2024.
- Science Based Targets initiative (SBTi), Forest, Land and Agriculture Science-Based Target-Setting Guidance, version 1.2, March 2026, section 3.1.4, pp. 37–38.
- United Nations Environment Programme (UNEP), State of Finance for Nature 2023, 2023.
Carbon Footprint
How to buy plastic credits, and what to check before you do
A plastic credit funds the collection of plastic waste in places where no formal system exists to collect it. Each credit represents a measured, independently audited quantity of plastic taken out of the environment or returned to use, tracked on a public registry.
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Carbon Footprint
EU carbon credit claims after 27 September 2026
EU carbon credit claims changed on 27 September 2026, the day the Directive (EU) 2024/825 began to apply across the European Union. The change is narrow. It changes how a company can talk about the credits it buys. A product can no longer be called neutral on the strength of compensation alone; however, every specific, evidenced statement about what a company measured, reduced, and funded stays fully available.
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