Delivering Tonnes of Impact

Climate Impact Partners 2025

Collaborations with global brands like the LEGO Group and Deloitte, and carbon removal transactions with organizations like Microsoft, demonstrate how the organization turns climate ambition into action. It also champions Beyond Value Chain Mitigation (BVCM), helping clients fund climate solutions that deliver impact beyond their operations.

Internally, Climate Impact Partners leads by example with a science-based net-zero target, B Corp certification, and a strong culture of inclusion and innovation. Looking ahead, it remains committed to scaling diverse, high-quality carbon projects and supporting all 17 UN Sustainable Development Goals - ensuring a thriving future for all life on Earth.

What we do every day matters

of carbon reduction or removal

Proudly working with 17 high-quality exclusive projects, which have collectively delivered:

*150 million tonnes of CO₂e is equivalent to one of the following: removing 40 million passenger cars, growing 2.5 billion trees for 10 years, or skipping 750 million long-haul flights. 42 million MWh is equivalent to powering 4 million US homes for one year.

As Climate Impact Partners celebrates 27 years of leadership in the carbon markets, this Impact Report highlights its role in scaling high-integrity climate solutions amid record-breaking global temperatures.

To date with its clients and project partners, the organization has enabled the reduction or removal of over

150 million tonnes of CO₂e

through 600+ projects, across 60 countries. These initiatives span afforestation, clean cooking, blue carbon, and engineered removals - delivering measurable and far reaching environmental and social benefits. And there is still so much more to do, which is why - towards its vision to create a thriving future for all life on Earth - the organization has set a target to reduce 1 billion tonnes of CO₂.

Climate Impact Partners is a recognized leader in shaping the carbon market, actively contributing to and advocating for standards and policies that ensure high-quality action.

Table of contents

DWF Forest, UK

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As Climate Impact Partners closes its 27th year of operations, we are proud to launch our 2025 Impact Report, pausing for just a moment to reflect on our journey and our contributions to ensuring a thriving future for all life on Earth. The urgency for action has never been clearer. 2025 is on track to become the hottest year ever recorded, marking the third consecutive year of record-breaking global temperatures.

The interconnected crises of climate change, biodiversity loss, and social inequalities demand urgent and unified action. Though decarbonization must be the main pathway, carbon markets not only offer a powerful mechanism, but will be fundamentally required, to meet these challenges. By putting a price on carbon, these markets incentivize emissions reductions, while unlocking critical funding for projects that actively reduce or remove emissions and build climate resilience today.

At Climate Impact Partners, we are committed to delivering meaningful climate impact - at scale and with integrity.

CEO, Climate Impact Partners

We bring operational excellence, transparency, and deep expertise. We learn from the best of other industries to ensure we deliver consistently, reliably, and to the highest quality standards - as demanded by the climate crisis and our clients.

Our commitment is evidenced through the impactful projects we champion and develop alongside our clients and project partners, from an exclusive partnership with a reforestation project in Ghana, producing biochar in North America, and developing large scale afforestation in India, to restoring vital seagrass meadows in the UK, with everything in between. We are proud to have enabled the reduction or removal of more than 150 million tCO₂e through these collaborations, equivalent to the annual emissions of the Netherlands.

The momentum for climate action is undeniable. The energy transition is accelerating, and we observe a significant surge in demand for credible climate solutions from governments and corporates worldwide.

At Climate Impact Partners, these focus areas are at the heart of who we are, what we stand for, and how we work – and we are diligent every day to continuously improve. This focus ensures we are well-positioned to meet evolving demand for high quality carbon credits and maximize positive impact. In a world where the carbon market needs to scale at least 30x by 2050, there is no time to waste.

What we do matters – not just for the present, but for the generations to come and the health of our planet. We recognize that this vital work is only possible through the strength of our partnerships and the commitment of our clients.

In the pages that follow, you will gain deeper insights into how Climate Impact Partners is investing in a sustainable future, ensuring that together, we can deliver climate goals and secure a thriving future for all life on Earth.

The data speaks for itself: in 2024, an impressive

60% of public carbon retirements

came from organizations engaging with carbon markets for the first time. This growing engagement is underscored by a critical market trend: increasing scrutiny and evolving regulations are driving a demand for high-quality, high-integrity carbon credits. Stakeholders are rightly demanding transparency and demonstrable impact.

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Climate Impact Partners has stood at the forefront of climate action through the carbon markets. From leading the world’s first application of carbon finance to an improved cookstoves project in Bangladesh in 2003 and co-developing the world’s first ever Methodology for Metered and Measured Energy Cooking devices in 2022, to delivering a new investment structure for 30 year offtake agreements in 2025, we have innovated to scale. We have served as a trusted partner for organizations worldwide – from project partners on the ground to the corporates channelling finance to maximize their impact.

Experts since

Our enduring success stems from the deep expertise of our team, who adeptly navigate the complexities of the carbon market, coupled with our proactive approach to understanding, anticipating, and exceeding both market demands and the urgent needs of our planet, with a relentless focus on quality.

Since our inception, we have forged vital connections between our hundreds of clients and impactful carbon projects on the ground

Recognizing that the robustness and integrity of our clients' climate action claims are paramount, a culture of uncompromising quality and rigorous risk management is embedded in every action we undertake.

150 million tCO₂e
of carbon reduction or removal

42 million MWh
 of clean energy delivered

Climate Impact Partners has long played a pivotal role in shaping the carbon markets. As a founding member of ICROA (International Carbon Reduction and Offset Alliance), a leading industry organization promoting high-integrity voluntary carbon markets, the company has been at the forefront of market developments since 1997.

Climate Impact Partners continues to actively deepen its engagement within the carbon markets ecosystem, recognizing the often challenging and rapidly evolving landscape for both our clients and project partners. Our commitment is to be the great simplifier in this complex environment. To this end, we strategically involve ourselves with key oversight bodies and influential industry forums, and are a proactive force in shaping market evolution, promoting best practices, and ensuring the voices of our clients and project partners are heard and represented.

Our unique due diligence frameworks and project selection processes coupled with our close engagement with the Integrity Council for the Voluntary Carbon Market (ICVCM) and the development of the Core Carbon Principles (CCP) reflects our commitment to raising the bar for integrity across the industry.

We don’t just monitor for these developments; we lead by example. Our technical teams translate evolving CCP guidelines into actionable insights, enabling our clients to make informed decisions and our project partners to transition to CCP-aligned methodologies.

We are at the forefront of bringing CCP labelled afforestation/reforestation credits to market using Verra’s approved VM0047 methodology.

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At the time of writing, Climate Impact Partners is the lead project developer for two of four projects that have reached the last stage of the validation process under this methodology. This representing nearly

projects currently nearing registration. And, we will soon have a third project at this stage.

In addition, our expert team is working with a longstanding clean cooking project partner to help them meet the additional, and stringent, requirements set out by the ICVCM. 

Our 10-stage due diligence process harnesses the technical expertise and on-the-ground experience of our teams, and goes beyond standard checks. It also aligns with the evolving guidance of the ICVCM, ensuring the carbon solutions we offer meet the most rigorous environmental and social standards.

Similarly, we maintained a strong engagement with the Voluntary Carbon Markets Integrity Initiative (VCMI). We recognize the critical importance of clear and credible guidelines for corporate claims related to the use of carbon credits.

As a member of the VCMI's Stakeholder Forum and a signatory to their Scope 3 Challenge, we actively contribute to the development and promotion of best practices for corporate climate action, particularly in addressing complex Scope 3 emissions.

Our understanding and application of the VCMI’s Claims Code of Practice enables us to provide expert counsel to our clients, supporting them in transparently and effectively communicating their climate action, thereby fostering greater trust and accountability within the market.

Likewise, we have engaged with our Customer Advisory Board which has enabled us to provide important feedback from the private sector to the VCMI as it further develops its standards over time.

40% of all VM0047

Our active participation also includes the International Emissions Trading Association (IETA).

A non-profit business group championing the power of high-integrity markets to reach net-zero targets and a core global voice shaping the effectiveness of carbon markets.

Furthermore, Climate Impact Partners proudly became a founding member of the Business Alliance for Climate Action (BACA), underscoring our commitment to advocating for policy changes that drive meaningful environmental and social outcomes.

On the Board of IETA since 2014

We have been represented on the board since 2014 with our CEO, Sheri Hickok, being appointed to the board in 2024, providing a significant platform through which we directly contribute to the development of robust market mechanisms and advocate for effective climate policies on an international scale.

As part of BACA, Climate Impact Partners engaged with policymakers globally to educate and inform them on the impact of existing and upcoming legislation on the carbon markets. We met with representatives from the EU Commission, Council and Parliament to discuss the importance of carbon markets in EU climate goals, as well as the proposed Green Claims Directive which has since been withdrawn.

Driving market innovation is essential to scaling climate action - helping to channel finance more efficiently, build trust, and accelerate emissions reductions. As part of this commitment, we supported the early implementation of Article 6 of the Paris Agreement.

Following the finalization of key rules at COP29, our expert team contributed to the development of a pioneering Article 6.2 bilateral agreement between Switzerland and Senegal - working in partnership with Ibriz and with funding from the KliK Foundation.

Our involvement helped translate new international guidance into practical steps for country-level cooperation, marking a meaningful contribution to the evolving landscape of global carbon markets.

Our deep integration within the VCM is further exemplified by our active involvement in numerous other industry forums and working groups, including the Project Developer Forum, Nairobi Climate Network, The Biodiversity Credit Alliance, Clean Cooking Alliance.

These engagements provide us with invaluable firsthand insights into emerging trends, challenges, and opportunities within the market.

In 2024 we launched our inaugural Customer Advisory Board, bringing together 18 leading companies across the US and Europe with a combined annual revenue of $400 billion. This initiative provides a unique forum for direct client engagement, allowing us to collaboratively shape market solutions and better understand evolving corporate needs to drive more finance towards impactful climate action.

These diverse partnerships underscore our core belief: by working collaboratively with ambitious clients and pioneering project developers, we can collectively scale the market and turn climate ambition into meaningful, lasting impact

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At Climate Impact Partners, we believe that transformative climate action is powered by strong collaborations. Through actively forging and deepening partnerships with visionary clients and pioneering project developers, we have turned ambitious climate goals into tangible impact on the ground. We have enabled the reduction or removal 150m tonnes of CO₂e together.

Find out how key collaboration in 2024 helped to deliver this, showcasing the unique value we bring to our partners through our end to end service offering.

there was a surge in long-term offtake agreements for nature-based removals, growing 380% over 2023, as corporates seek to secure supply today to meet their future demand for carbon credits.

Taking learnings from other industries, Climate Impact Partners pioneered a structure that mirrors what we see in the renewable energy industry - where large-scale wind, solar, and battery projects are the norm, and corporates procure renewable energy through multi-year agreements. By doing this, we are developing bankable, investible, long-term assets that enable real carbon reduction and removal and deliver huge on the ground impact with an infrastructure mindset and investor returns.

We launched our inaugural project under this structure - the Panna afforestation project in India, developed by our expert team and securing investment from Terra Natural Capital and a long-term offtake agreement with Microsoft – its largest in APAC to date. This structure is one that market participants are familiar with, it de-risks investment and ensures sustained funding for large-scale carbon removal. We can now use this to scale the market.

At the heart of this project is the community – farmers and local implementation partners whose leadership and stewardship of the land are fundamental to its success. The communities are planting over 11.6 million native trees across 20,000 hectares of farmer land, which will sequester over three million tonnes of carbon. Microsoft has committed to purchasing 1.5 million tonnes of these credits.

Farmers are projected to potentially double their income over the 25-year investment timeframe through fruit tree harvests and carbon payments, with 100% of revenue from fruit and medicinal products returning directly to the communities. The project supports sustainable agriculture training, water conservation infrastructure, and biodiversity restoration - creating long-term environmental and economic resilience. Community-managed nurseries, composting centres, and co-operatives ensure that the benefits are locally owned and sustained. Early results already show positive biodiversity impacts, with new water structures and protective fencing enabling the regeneration of native vegetation and habitats for bird species.

Our clients seek more than just carbon credits – they want to deliver credible, lasting impact. That’s why our partnerships are built on a foundation of trust, backed by rigorous due diligence and delivery execution. With more than 27 years of deep technical expertise spanning carbon project types, methodologies, and evolving policies, we provide the assurances clients need to invest with confidence – turning climate ambition into measurable trusted outcomes.

Our assessment process goes far beyond standard checks. We harness the extensive technical expertise and on-the-ground experience within our teams to meticulously review projects, ensuring a thorough understanding of their real-world impacts and potential risks. This deep dive allows us to identify and mitigate issues that could affect the quality and credibility of the carbon credits we offer over time.

Our commitment to continuous improvement is embodied in our evolving ten-stage quality assurance process. This comprehensive framework includes in-depth due diligence on the project’s technical specifications, alongside critical assessments of social impacts and potential reputational risks, and detailed GIS analysis for nature-based projects.

We recognize that best practice is not static; our due diligence process adapts to advancements in technology and scientific understanding, setting new benchmarks for quality and rigor in the VCM.

Our partnership with the LEGO Group supports their environmental sustainability ambitions through an impactful reforestation project in the Mississippi Valley. By collaborating on high quality, nature-based solutions, we are helping the LEGO Group take steps to remove emissions beyond their value chain.

Our dedication to providing our clients with thoroughly vetted, high-impact carbon solutions has resonated strongly in the market. In 2024, we proudly welcomed nearly

100 new clients

to our growing network of organizations committed to meaningful climate action. This growth underscores the trust that businesses place in our expertise and our ability to connect their ambition with impactful projects.

Our commitment to fostering deep and long-term partnerships with project developers on the ground is central to our approach. We have proudly worked with some of our partners for nearly two decades. These dedicated collaborations - currently encompassing projects delivering clean water, clean cooking, rooftop solar, afforestation and forest conservation - are vital for several reasons. This model provides predictability in a dynamic market, de-risking the often-complex process of carbon credit sales.

Assured demand allows partners to confidently reinvest revenues into the expansion of their existing projects, the initiation of new impactful climate solutions, and the strengthening of their local operations and community engagement. By guaranteeing a reliable route to market partners can focus on their core mission: delivering high-quality, verifiable environmental and social benefits at scale, ultimately accelerating global climate action.

Nearly one-third of the global population lacks access to clean cooking, relying on harmful biomass fuels that contribute to four million deaths annually from indoor air pollution and create 1 billion tonnes of annual emissions (the same as the aviation industry). Women and girls are disproportionately affected, spending hours collecting fuel or paying high costs for inefficient options, hindering education and economic opportunities.

Crucially, Bondhu Chula has established a specialized program to train women as stove maintenance experts, creating entirely new income-generating opportunities and empowering them as the primary beneficiaries and experts of the technology. This initiative directly addresses gender inequality and poverty by providing women with skills, income, and time for education or other productive activities, while tackling a significant climate challenge by reducing reliance on biomass. 5 million stoves have been installed in the country since the project began.

Our long-standing, exclusive agreement with FORM Ghana focuses on generating 400,000 carbon removal credits through sustainable reforestation. This partnership in Ghana has created over 1,000 jobs, with a focus on empowering women (40% of jobs) and local farmers (25% of intercropping areas allocated to women). The project restores degraded forestry reserves while providing skills development, controlled fire management

training, and community health programs. Watch our powerful project video or listen to our podcast interview with FORM Ghana’s Environment and Social Manager.

Through our partnership with the National Indian Carbon Coalition (NICC) we are safeguarding over 25,000 acres of vital forestland belonging to the Mississippi Band of Choctaw Indians (MBCI).

Located in central Mississippi, the American Carbon Registry (ACR) certified Improved Forest Management project spans nearly 75% of MBCI’s tribal lands. It enhances the carbon sequestration potential of the biodiverse forests by improving management practices.

These include reducing deforestation for commercial harvesting, extending harvest rotations, and implementing selective cutting to foster healthy growth across all tree ages and native seedling regeneration.

Carbon finance generated by the project replaces revenue traditionally sourced from commercial timber harvesting, directly funding critical community needs. Over the next 20 years, anticipated carbon revenues will support the construction of a new 300,000-square-foot educational facility – delivering state-of-the-art classrooms, a Career and Technical Education center, and enhanced sports facilities for tribal school students.

Our exclusive partnership with the Bondhu Foundation's Bondhu Chula project in Bangladesh demonstrates the transformative human impact of clean cooking solutions. By subsidizing 50% of the cost of efficient stove installation through carbon finance, the project makes clean cooking accessible to vulnerable families.

Climate finance needs to increase seven times to meet our global 2030 climate objectives. Beyond Value Chain Mitigation (BVCM), formally launched by the SBTi in February 2024, offers a crucial pathway to achieve this. BVCM encourages companies to look beyond their direct operations and value chains to finance activities that reduce emissions elsewhere, catalyzing funding for vital new climate solutions and supporting global net-zero goals.

Importantly, many of our clients have been pioneering this approach for years, channelling finance into high-quality carbon removal and reduction projects that deliver impact far beyond their own operational boundaries for example through supporting clean water and clean cooking initiatives that also deliver significant social benefits.

With the SBTi now working to formalize a framework for BVCM, as indicated in discussions around Corporate Net Zero V2.0, we anticipate a significant increase in this type of engagement and will be actively advocating for clear guidelines to recognize these impactful contributions.

the volume of carbon credits retired globally that year, surpassing even the UK’s total annual GHG emissions. BVCM offers diverse avenues for engagement, including direct investment in high-quality carbon projects, purchasing high-integrity carbon credits, funding climate innovation, philanthropic contributions, policy advocacy, and employee engagement – all crucial levers for accelerating the transition to a low-carbon economy.

The potential scale of BVCM is immense; if companies with validated science-based targets in 2022 had engaged in BVCM equivalent to their Scope 1 and 2 emissions, it could have generated climate action exceeding.

Our collaboration with Deloitte, Project Seagrass, and the UK's National Oceanography Centre is unlocking finance for vital blue carbon ecosystems. Together, we are contributing to the development of the first-ever UK seagrass carbon code through the Accelerate Seagrass program. Seagrass ecosystems capture carbon up to 35 times faster than tropical rainforests, and this initiative aims to scale carbon finance for their protection and restoration, enhancing marine biodiversity and carbon sequestration potential.

To meet global net zero goals, 10 billion tons of CO₂ needs to be removed from the atmosphere every year by 2050. Recognizing this critical need, we've pioneered a "crowdfunding-style" model through our Accelerate CDR program to channel transformative finance to scale nascent CDR technologies. This innovative approach directly tackles the funding gap that often hinders the progress of these vital solutions. Mirroring the well-known crowdfunding model, we saw an opportunity to aggregate contributions and direct them towards pioneering developers like:

This UK-based pioneering project developer, is distributing fast-weathering, nutrient-rich silicate rock fines across agricultural lands (enhanced rock weathering). The rocks used are ground to form a powder which increases the surface area for the rain to fall on and so increases the amount of CO₂ captured. This process speeds up reactions that naturally occur between CO₂ in the atmosphere and different minerals to permanently remove it. Funding from Accelerate CDR is used for the spreading of the crushed rock and installation of the monitoring systems. The impacts extend beyond permanently removing CO₂ from the atmosphere. The activities boost soil and crop health for British farmers, leading to increased yields. The project drives revenue back into local communities as a network of farmers are engaged and direct jobs are created through local operational teams.

This Kenyan-based direct air capture (DAC) partner, is the global South's first DAC company. They use chemical processes to extract CO₂ from the air. DAC facilities use powerful fans to draw in air, which then interacts with an absorbent material that captures CO₂ molecules. The concentrated CO₂ is separated, compressed into a liquid, facilitating its underground storage. Accelerate CDR’s funding is deployed to build and install additional reactors (DAC units) this year, integrating the geothermal power system and transmission to the storage site, and upgrading the overall systems to improve the yield. Octavia directly contributes to education, capacity building and job creation in Kenya, by creating hundreds of job opportunities, apprenticeship programmes, technical training schemes for young people, scholarships and tuition support for students in technical fields.

This strategic approach not only accelerates the development and deployment of crucial CDR technologies but also exemplifies how creative financial solutions can maximize the impact of climate action.

This achievement reflects our deep understanding of best practices in the VCM and our commitment to transparent and impactful climate action, setting a benchmark for our peers and reinforcing the credibility we bring to our client partnerships.

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While our primary impact lies in enabling climate action for our partners, we firmly believe in leading by example, by diligently managing and reducing our own environmental footprint. Although our direct emissions represent a small fraction of the global total, we recognize the significance of every contribution and are steadfast in our commitment to minimizing our impact.

A significant portion of our organizational GHG emissions stems from employee business travel, an area where we are implementing robust strategies to achieve reductions in line with our ambitious near (2030) and long-term (2050) targets.

We have established a science-based net-zero target, validated by the Science Based Targets initiative (SBTi).

We are committed to achieving net-zero emissions by 2050, with an ambitious near-term target for 2030 aligned with limiting global temperature rise to 1.5°C. Our baseline year for these reductions is our financial year ending 31 March 2024.

We included all of our operations within the GHG inventory above. Scope 3 categories 8, 9, 10, 12, 13, 14 and 15, as defined in the GHG Protocol, are not applicable to Climate Impact Partners.

We are proud to reaffirm our commitment to the highest standards of social and environmental performance, accountability, and transparency through our renewed B Corp certification - now secured for the next three years. Originally certified under one of the pre-merger companies, ClimateCare, this latest certification reflects our continued dedication to using business as a force for good.

Maintaining this certification underscores our mission to balance profit with purpose. It provides our clients and partners with the assurance that we are not only delivering high-integrity climate solutions but also operating in a way that creates positive outcomes for all stakeholders.

We earned a B score on our latest disclosure to CDP - the highest score awarded to small and medium-sized enterprises (SMEs) this year. CDP (formerly the Carbon Disclosure Project) runs the world’s largest environmental reporting system, helping businesses, investors, and governments manage their environmental impact and make informed decisions to protect our planet. 

By reporting through CDP, we're demonstrating our commitment to transparency, sharing our environmental goals and progress with stakeholders, and identifying new ways to grow our positive impact.

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Our core values of ambition, innovation, integrity, and service are not just words on a page; they are deeply embedded across every facet of Climate Impact Partners and serve as the compass guiding our actions and decisions. These principles shape how we interact with each other, our valued clients, our dedicated project partners, and all our stakeholders. The values are embedded in our performance management process, ensuring we hold ourselves accountable to them.

We foster a culture where ambition drives us to constantly seek more impactful climate solutions, innovation fuels our approach to tackling complex challenges. Integrity underpins every transaction and partnership, and a commitment to service ensures we prioritize the needs and success of those we work for and with. This values-driven approach cultivates a collaborative and ethical environment, building trust and ensuring we collectively strive for excellence in all we do. In FY25:

• 54% of our workforce identifies as female
• 44% of our senior leadership identifies as female

Building a Supportive and Inclusive Foundation to further strengthen our organization and empower future leaders, we have established a dedicated Leadership Development Forum. This initiative provides opportunities for professional growth, skill enhancement, and the cultivation of leadership capabilities across our teams.

Recognizing the importance of continuous improvement and operational efficiency, we have also implemented the principles of a Lean Operating system through Plan-Do-Check-Act (PDCA) training. This structured methodology equips our employees with the tools and mindset to systematically analyze our processes, identify areas for enhancement, implement improvements, monitor their effectiveness, and adapt accordingly. By investing in our people through leadership development and efficient working practices, we ensure the long-term sustainability and impact of Climate Impact Partners.

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As we conclude this report, the landscape of climate action presents both significant opportunities and a clear direction of travel towards greater quality and integrity within the carbon markets, which we are proud to endorse fully through our demonstratable outcomes.

Our focus now intensifies on delivering diverse and scalable models for carbon projects, securing impactful partnerships with exceptional projects on the ground, and advocating for a market that our clients can navigate with ease to take meaningful action.

Climate Impact Partners will continue to take significant strides, with urgency and unwavering dedication, towards ensuring a thriving future for all life on Earth. We plan to be here for decades to come, leading in partnership with those who choose to act on what is likely the most critical issue of our time.