This State of the Forest Carbon Markets report presents new trends in global forest carbon offset markets that have not, until now, been comprehensively documented. This report was created to increase transparency and answer fundamental questions about the supply of forestry-based carbon credits, such as transaction volumes, credit prices, hectares influenced and tenure rights. It outlines the aggregate numbers from our survey of 61 project developers1 and 34 intermediaries representing 226 projects across 40 countries. This report is entirely based on information volunteered by these project developers and intermediaries. Hence, numbers presented are not completely exhaustive, and should be considered conservative.