{
  "updated": "2026-05",
  "unit": "JPY/t-CO2",
  "disclaimer": "Representative observed price levels for forest-derived J-Credits, compiled from public primary sources (JPX carbon market settlement data and J-Credit auction results). Not an official index; bilateral/relative figures are indicative ranges.",
  "sources": [
    "JPX (Tokyo Stock Exchange) Carbon Credit Market - settlement data",
    "J-Credit Scheme auction results (forest category average winning price)",
    "Public market commentary (cross-checked against the above)"
  ],
  "series": {
    "exchange": [
      {
        "date": "2023-10",
        "price": 14571
      },
      {
        "date": "2024-03",
        "price": 9800
      },
      {
        "date": "2024-09",
        "price": 7600
      },
      {
        "date": "2025-03",
        "price": 6400
      },
      {
        "date": "2025-09",
        "price": 5600
      },
      {
        "date": "2026-03",
        "price": 5200
      }
    ],
    "relative": [
      {
        "date": "2024-09",
        "price": 7000
      },
      {
        "date": "2025-03",
        "price": 9000
      },
      {
        "date": "2025-06",
        "price": 10000
      },
      {
        "date": "2025-12",
        "price": 15000
      },
      {
        "date": "2026-05",
        "price": 12000
      }
    ],
    "exchange_official": {
      "energy_saving": [
        {
          "date": "2026-04",
          "price": 2928,
          "low": 1510,
          "high": 5450,
          "cum_volume_tco2": 357437
        }
      ],
      "renewable_power": [
        {
          "date": "2026-04",
          "price": 4661,
          "low": 1500,
          "high": 6600,
          "cum_volume_tco2": 662537
        }
      ],
      "biomass_power": [
        {
          "date": "2026-04",
          "price": 3851,
          "low": 1850,
          "high": 5400,
          "cum_volume_tco2": 28770
        }
      ],
      "renewable_heat": [
        {
          "date": "2026-04",
          "price": 3752,
          "low": 2000,
          "high": 5500,
          "cum_volume_tco2": 29437
        }
      ],
      "forest": [
        {
          "date": "2026-04",
          "price": 5583,
          "low": 4650,
          "high": 9900,
          "cum_volume_tco2": 19954
        }
      ],
      "forest_jver": [
        {
          "date": "2026-04",
          "price": 5300,
          "low": 4900,
          "high": 8450,
          "cum_volume_tco2": 762
        }
      ],
      "agriculture_awd": [
        {
          "date": "2026-04",
          "price": 4352,
          "low": 3000,
          "high": 5374,
          "cum_volume_tco2": 120
        }
      ],
      "domestic": [
        {
          "date": "2026-04",
          "price": 2850,
          "low": 2850,
          "high": 2850,
          "cum_volume_tco2": 908
        }
      ],
      "domestic_jver": [
        {
          "date": "2026-04",
          "price": 3467,
          "low": 2800,
          "high": 3500,
          "cum_volume_tco2": 226
        }
      ],
      "other": [
        {
          "date": "2026-04",
          "price": 1150,
          "low": 1150,
          "high": 1150,
          "cum_volume_tco2": 2
        }
      ]
    },
    "authentication_official": {
      "forest_management": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 209.5
        }
      ],
      "biomass_woody": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 144.6
        }
      ],
      "cover_gas": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 24.2
        }
      ],
      "boiler": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 17.3
        }
      ],
      "industrial_furnace": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 7.6
        }
      ],
      "other_conventional": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 8.9
        }
      ],
      "solar_power": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 545.3
        }
      ],
      "cogeneration": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 102.6
        }
      ],
      "agriculture_awd": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 30.7
        }
      ],
      "ev_phev": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 21.9
        }
      ],
      "lighting": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 18.8
        }
      ],
      "other_programmatic": [
        {
          "date": "2026-03",
          "committee_round": 67,
          "cum_volume_man_tco2": 9.6
        }
      ]
    },
    "auction_official": {
      "all": [
        {
          "date": "2016-06-06",
          "round": 1,
          "avg_jpy": 510,
          "median_jpy": null,
          "sold_tco2": 1000,
          "buyers": 1,
          "bidders": 2
        },
        {
          "date": "2017-01-05",
          "round": 2,
          "avg_jpy": 1594,
          "median_jpy": null,
          "sold_tco2": 500000,
          "buyers": 12,
          "bidders": 24
        },
        {
          "date": "2017-04-12",
          "round": 3,
          "avg_jpy": 908,
          "median_jpy": 880,
          "sold_tco2": 500000,
          "buyers": 20,
          "bidders": 25
        }
      ],
      "renewable": [
        {
          "date": "2018-01-26",
          "round": 4,
          "avg_jpy": 1716,
          "median_jpy": 1510,
          "sold_tco2": 400000,
          "buyers": 10,
          "bidders": 34
        },
        {
          "date": "2018-04-12",
          "round": 5,
          "avg_jpy": 1724,
          "median_jpy": 1700,
          "sold_tco2": 400000,
          "buyers": 11,
          "bidders": 24
        },
        {
          "date": "2019-01-25",
          "round": 6,
          "avg_jpy": 1830,
          "median_jpy": 1845,
          "sold_tco2": 200000,
          "buyers": 12,
          "bidders": 18
        },
        {
          "date": "2019-04-12",
          "round": 7,
          "avg_jpy": 1801,
          "median_jpy": 1795,
          "sold_tco2": 200000,
          "buyers": 8,
          "bidders": 11
        },
        {
          "date": "2020-01-06",
          "round": 8,
          "avg_jpy": 1851,
          "median_jpy": 1850,
          "sold_tco2": 200000,
          "buyers": 7,
          "bidders": 16
        },
        {
          "date": "2020-06-22",
          "round": 9,
          "avg_jpy": 1887,
          "median_jpy": 1860,
          "sold_tco2": 200000,
          "buyers": 13,
          "bidders": 25
        },
        {
          "date": "2021-01-13",
          "round": 10,
          "avg_jpy": 2191,
          "median_jpy": 2150,
          "sold_tco2": 250000,
          "buyers": 6,
          "bidders": 22
        },
        {
          "date": "2021-04-12",
          "round": 11,
          "avg_jpy": 2536,
          "median_jpy": null,
          "sold_tco2": 200293,
          "buyers": 13,
          "bidders": 26
        },
        {
          "date": "2022-01-12",
          "round": 12,
          "avg_jpy": 2995,
          "median_jpy": 2820,
          "sold_tco2": 250000,
          "buyers": 10,
          "bidders": 20
        },
        {
          "date": "2022-04-11",
          "round": 13,
          "avg_jpy": 3278,
          "median_jpy": 3000,
          "sold_tco2": 200000,
          "buyers": 12,
          "bidders": 19
        },
        {
          "date": "2023-05-10",
          "round": 14,
          "avg_jpy": 3246,
          "median_jpy": null,
          "sold_tco2": 256204,
          "buyers": 10,
          "bidders": 14
        }
      ],
      "energy_saving": [
        {
          "date": "2018-01-26",
          "round": 4,
          "avg_jpy": 1148,
          "median_jpy": 1130,
          "sold_tco2": 100000,
          "buyers": 8,
          "bidders": 18
        },
        {
          "date": "2018-04-12",
          "round": 5,
          "avg_jpy": 1395,
          "median_jpy": 1350,
          "sold_tco2": 100000,
          "buyers": 9,
          "bidders": 26
        },
        {
          "date": "2019-01-25",
          "round": 6,
          "avg_jpy": 1602,
          "median_jpy": 1705,
          "sold_tco2": 50000,
          "buyers": 4,
          "bidders": 12
        },
        {
          "date": "2019-04-12",
          "round": 7,
          "avg_jpy": 1506,
          "median_jpy": 1500,
          "sold_tco2": 50000,
          "buyers": 5,
          "bidders": 7
        },
        {
          "date": "2020-01-06",
          "round": 8,
          "avg_jpy": 1473,
          "median_jpy": 1495,
          "sold_tco2": 40000,
          "buyers": 2,
          "bidders": 5
        },
        {
          "date": "2020-06-22",
          "round": 9,
          "avg_jpy": null,
          "median_jpy": null,
          "sold_tco2": 0,
          "buyers": null,
          "bidders": 1
        },
        {
          "date": "2021-01-13",
          "round": 10,
          "avg_jpy": 1500,
          "median_jpy": 1510,
          "sold_tco2": 100000,
          "buyers": 3,
          "bidders": 4
        },
        {
          "date": "2021-04-12",
          "round": 11,
          "avg_jpy": 1518,
          "median_jpy": null,
          "sold_tco2": 100000,
          "buyers": 6,
          "bidders": 6
        },
        {
          "date": "2022-01-12",
          "round": 12,
          "avg_jpy": 1574,
          "median_jpy": 1575,
          "sold_tco2": 24305,
          "buyers": 5,
          "bidders": 6
        },
        {
          "date": "2022-04-11",
          "round": 13,
          "avg_jpy": 1607,
          "median_jpy": 1550,
          "sold_tco2": 100000,
          "buyers": 10,
          "bidders": 10
        },
        {
          "date": "2023-05-10",
          "round": 14,
          "avg_jpy": 1551,
          "median_jpy": 1515,
          "sold_tco2": 41410,
          "buyers": 8,
          "bidders": 8
        }
      ]
    }
  },
  "jpx_official": {
    "source": "JPX Carbon Credit Market — cumulative trading status",
    "source_url": "https://www.jpx.co.jp/equities/carbon-credit/daily/nlsgeu000006ltge-att/TradedPriceandVolume.pdf",
    "categories": {
      "energy_saving": {
        "jp_name": "省エネルギー",
        "weighted_avg": 2928,
        "low": 1510,
        "high": 5450,
        "cum_volume_tco2": 357437
      },
      "renewable_power": {
        "jp_name": "再生可能エネルギー（電力）",
        "weighted_avg": 4661,
        "low": 1500,
        "high": 6600,
        "cum_volume_tco2": 662537
      },
      "biomass_power": {
        "jp_name": "再エネ（電力：木質バイオマス）",
        "weighted_avg": 3851,
        "low": 1850,
        "high": 5400,
        "cum_volume_tco2": 28770
      },
      "renewable_heat": {
        "jp_name": "再生可能エネルギー（熱）",
        "weighted_avg": 3752,
        "low": 2000,
        "high": 5500,
        "cum_volume_tco2": 29437
      },
      "forest": {
        "jp_name": "J-クレジット 森林",
        "weighted_avg": 5583,
        "low": 4650,
        "high": 9900,
        "cum_volume_tco2": 19954
      },
      "forest_jver": {
        "jp_name": "J-VER（未移行）森林",
        "weighted_avg": 5300,
        "low": 4900,
        "high": 8450,
        "cum_volume_tco2": 762
      },
      "agriculture_awd": {
        "jp_name": "農業（中干し期間の延長）",
        "weighted_avg": 4352,
        "low": 3000,
        "high": 5374,
        "cum_volume_tco2": 120
      },
      "domestic": {
        "jp_name": "国内クレジット",
        "weighted_avg": 2850,
        "low": 2850,
        "high": 2850,
        "cum_volume_tco2": 908
      },
      "domestic_jver": {
        "jp_name": "国内クレジット（未移行）",
        "weighted_avg": 3467,
        "low": 2800,
        "high": 3500,
        "cum_volume_tco2": 226
      },
      "other": {
        "jp_name": "その他",
        "weighted_avg": 1150,
        "low": 1150,
        "high": 1150,
        "cum_volume_tco2": 2
      }
    },
    "as_of": "2026-04-30",
    "demo_2022": {
      "category": "forest_including_jver",
      "weighted_avg": 14571,
      "volume_tco2": 59
    }
  },
  "jcredit_official": {
    "source": "J-Credit Scheme Secretariat — Data Book (quarterly)",
    "source_url": "https://japancredit.go.jp/data/pdf/credit_002.pdf",
    "kpi": {
      "projects_total": 1359,
      "projects_excl_legacy": 862,
      "auth_events_total": 1407,
      "auth_volume_total_man_tco2": 1333,
      "target_2030_man_tco2": 1500
    },
    "methodologies": {
      "forest_management": {
        "jp_name": "森林経営活動",
        "type": "通常型",
        "cum_volume_man_tco2": 209.5
      },
      "biomass_woody": {
        "jp_name": "木質バイオマス",
        "type": "通常型",
        "cum_volume_man_tco2": 144.6
      },
      "cover_gas": {
        "jp_name": "鋳造用カバーガス変更",
        "type": "通常型",
        "cum_volume_man_tco2": 24.2
      },
      "boiler": {
        "jp_name": "ボイラー",
        "type": "通常型",
        "cum_volume_man_tco2": 17.3
      },
      "industrial_furnace": {
        "jp_name": "工業炉",
        "type": "通常型",
        "cum_volume_man_tco2": 7.6
      },
      "other_conventional": {
        "jp_name": "その他（通常型）",
        "type": "通常型",
        "cum_volume_man_tco2": 8.9
      },
      "solar_power": {
        "jp_name": "太陽光発電設備",
        "type": "プログラム型",
        "cum_volume_man_tco2": 545.3
      },
      "cogeneration": {
        "jp_name": "コージェネレーション",
        "type": "プログラム型",
        "cum_volume_man_tco2": 102.6
      },
      "agriculture_awd": {
        "jp_name": "中干期間延長",
        "type": "プログラム型",
        "cum_volume_man_tco2": 30.7
      },
      "ev_phev": {
        "jp_name": "EV・PHEV",
        "type": "プログラム型",
        "cum_volume_man_tco2": 21.9
      },
      "lighting": {
        "jp_name": "照明設備",
        "type": "プログラム型",
        "cum_volume_man_tco2": 18.8
      },
      "other_programmatic": {
        "jp_name": "その他（プログラム型）",
        "type": "プログラム型",
        "cum_volume_man_tco2": 9.6
      }
    },
    "as_of": "2026-03",
    "committee_round": 67
  },
  "jcredit_auctions": {
    "source": "J-Credit Scheme Secretariat — Government auction sales (final round 2023-05)",
    "source_url": "https://japancredit.go.jp/tender/",
    "rounds": [
      {
        "round": 1,
        "date_from": "2016-06-06",
        "date_to": "2016-06-09",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_01.pdf",
        "categories": {
          "all": {
            "avg_jpy": 510,
            "median_jpy": null,
            "buyers": 1,
            "bidders": 2,
            "sold_tco2": 1000,
            "bid_tco2": null
          }
        }
      },
      {
        "round": 2,
        "date_from": "2017-01-05",
        "date_to": "2017-01-12",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_02.pdf",
        "categories": {
          "all": {
            "avg_jpy": 1594,
            "median_jpy": null,
            "buyers": 12,
            "bidders": 24,
            "sold_tco2": 500000,
            "bid_tco2": null
          }
        }
      },
      {
        "round": 3,
        "date_from": "2017-04-12",
        "date_to": "2017-04-18",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_03.pdf",
        "categories": {
          "all": {
            "avg_jpy": 908,
            "median_jpy": 880,
            "buyers": 20,
            "bidders": 25,
            "sold_tco2": 500000,
            "bid_tco2": 860814
          }
        }
      },
      {
        "round": 4,
        "date_from": "2018-01-26",
        "date_to": "2018-02-01",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_04.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 1716,
            "median_jpy": 1510,
            "buyers": 10,
            "bidders": 34,
            "sold_tco2": 400000,
            "bid_tco2": 1250700
          },
          "energy_saving": {
            "avg_jpy": 1148,
            "median_jpy": 1130,
            "buyers": 8,
            "bidders": 18,
            "sold_tco2": 100000,
            "bid_tco2": 401060
          }
        }
      },
      {
        "round": 5,
        "date_from": "2018-04-12",
        "date_to": "2018-04-18",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_05.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 1724,
            "median_jpy": 1700,
            "buyers": 11,
            "bidders": 24,
            "sold_tco2": 400000,
            "bid_tco2": 810000
          },
          "energy_saving": {
            "avg_jpy": 1395,
            "median_jpy": 1350,
            "buyers": 9,
            "bidders": 26,
            "sold_tco2": 100000,
            "bid_tco2": 546900
          }
        }
      },
      {
        "round": 6,
        "date_from": "2019-01-25",
        "date_to": "2019-01-31",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_06.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 1830,
            "median_jpy": 1845,
            "buyers": 12,
            "bidders": 18,
            "sold_tco2": 200000,
            "bid_tco2": 446015
          },
          "energy_saving": {
            "avg_jpy": 1602,
            "median_jpy": 1705,
            "buyers": 4,
            "bidders": 12,
            "sold_tco2": 50000,
            "bid_tco2": 177000
          }
        }
      },
      {
        "round": 7,
        "date_from": "2019-04-12",
        "date_to": "2019-04-18",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_07.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 1801,
            "median_jpy": 1795,
            "buyers": 8,
            "bidders": 11,
            "sold_tco2": 200000,
            "bid_tco2": 379204
          },
          "energy_saving": {
            "avg_jpy": 1506,
            "median_jpy": 1500,
            "buyers": 5,
            "bidders": 7,
            "sold_tco2": 50000,
            "bid_tco2": 116000
          }
        }
      },
      {
        "round": 8,
        "date_from": "2020-01-06",
        "date_to": "2020-01-10",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_08.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 1851,
            "median_jpy": 1850,
            "buyers": 7,
            "bidders": 16,
            "sold_tco2": 200000,
            "bid_tco2": 592120
          },
          "energy_saving": {
            "avg_jpy": 1473,
            "median_jpy": 1495,
            "buyers": 2,
            "bidders": 5,
            "sold_tco2": 40000,
            "bid_tco2": 75000
          }
        }
      },
      {
        "round": 9,
        "date_from": "2020-06-22",
        "date_to": "2020-06-29",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_09.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 1887,
            "median_jpy": 1860,
            "buyers": 13,
            "bidders": 25,
            "sold_tco2": 200000,
            "bid_tco2": 764053
          },
          "energy_saving": {
            "avg_jpy": null,
            "median_jpy": null,
            "buyers": null,
            "bidders": 1,
            "sold_tco2": 0,
            "bid_tco2": 10000
          }
        }
      },
      {
        "round": 10,
        "date_from": "2021-01-13",
        "date_to": "2021-01-20",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_10.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 2191,
            "median_jpy": 2150,
            "buyers": 6,
            "bidders": 22,
            "sold_tco2": 250000,
            "bid_tco2": 1091900
          },
          "energy_saving": {
            "avg_jpy": 1500,
            "median_jpy": 1510,
            "buyers": 3,
            "bidders": 4,
            "sold_tco2": 100000,
            "bid_tco2": 130000
          }
        }
      },
      {
        "round": 11,
        "date_from": "2021-04-12",
        "date_to": "2021-04-19",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_11.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 2536,
            "median_jpy": null,
            "buyers": 13,
            "bidders": 26,
            "sold_tco2": 200293,
            "bid_tco2": 725530
          },
          "energy_saving": {
            "avg_jpy": 1518,
            "median_jpy": null,
            "buyers": 6,
            "bidders": 6,
            "sold_tco2": 100000,
            "bid_tco2": 141205
          }
        }
      },
      {
        "round": 12,
        "date_from": "2022-01-12",
        "date_to": "2022-01-19",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_12.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 2995,
            "median_jpy": 2820,
            "buyers": 10,
            "bidders": 20,
            "sold_tco2": 250000,
            "bid_tco2": 594693
          },
          "energy_saving": {
            "avg_jpy": 1574,
            "median_jpy": 1575,
            "buyers": 5,
            "bidders": 6,
            "sold_tco2": 24305,
            "bid_tco2": 109305
          }
        }
      },
      {
        "round": 13,
        "date_from": "2022-04-11",
        "date_to": "2022-04-18",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_13.pdf",
        "categories": {
          "renewable": {
            "avg_jpy": 3278,
            "median_jpy": 3000,
            "buyers": 12,
            "bidders": 19,
            "sold_tco2": 200000,
            "bid_tco2": 470490
          },
          "energy_saving": {
            "avg_jpy": 1607,
            "median_jpy": 1550,
            "buyers": 10,
            "bidders": 10,
            "sold_tco2": 100000,
            "bid_tco2": 175650
          }
        }
      },
      {
        "round": 14,
        "date_from": "2023-05-10",
        "date_to": "2023-05-17",
        "source_url": "https://japancredit.go.jp/tender/data/nyuusatsukekka_14.pdf",
        "categories": {
          "renewable_p1p43": {
            "avg_jpy": 3246,
            "median_jpy": 3210,
            "buyers": 10,
            "bidders": 12,
            "sold_tco2": 256204,
            "bid_tco2": 330500
          },
          "renewable_18": {
            "avg_jpy": null,
            "median_jpy": null,
            "buyers": 0,
            "bidders": 2,
            "sold_tco2": 0,
            "bid_tco2": 6000
          },
          "energy_saving_p2p3p44p61": {
            "avg_jpy": 1551,
            "median_jpy": 1515,
            "buyers": 8,
            "bidders": 8,
            "sold_tco2": 41410,
            "bid_tco2": 49700
          }
        }
      }
    ]
  }
}