The Voluntary Carbon Market (VCM) has seen significant progress and significant obstacles in 2023, as explored by MSCI Carbon Markets in its recent webinar. The review includes key developments from 2023 and potential inflection points to watch out for in 2024. In particular, the findings show that 2023 has the lowest number of credits issued in 3 years. On the contrary, the year ended with a record number of monthly retirements.