Mercer美世咨询：2025年碳市场概览：投资者参与路径与机遇风险分析报告（英文版）

This paper discusses two types of carbon markets — CCMs and VCMs. They both aim to price carbon and reduce emissions. However, VCMs are much smaller, more dynamic and face significant challenges with respect to the integrity of claims and scale. • Despite their respective challenges, both CCMs and VCMs are expected to grow as emissions regulations tighten to align with global climate goals and companies look to meet their decarbonization targets across all sectors. As such, carbon credit dema