Ecobase afforestation project receives MSCI Carbon Project Rating of ‘A’
An Ecobase Verra-registered grouped afforestation project has received an MSCI Carbon Project Rating of ‘A’, following an independent assessment by MSCI Carbon Markets.
The rating provides additional independent context on one of Europe’s largest grouped afforestation projects. MSCI Carbon Project Ratings assess individual carbon projects and are intended to support greater transparency around project integrity and delivery risk. The ratings focus on the design and implementation of specific projects rather than on companies or portfolios.
How MSCI Carbon Project Ratings work
MSCI Carbon Project Ratings currently cover more than 4,000 carbon projects globally, including both registered and re-registration projects. The assessments span a wide range of project types, from nature-based solutions such as afforestation, reforestation, and REDD+, to engineered carbon removal approaches.
Each project is assessed across six core dimensions: additionality, quantification, permanence, co-benefits, reputational risk, and delivery risk. These criteria are applied consistently across projects to support comparability across different geographies, standards, and methodologies.
Within the set of assessed projects, only a limited number currently hold ratings in the ‘A’ category or above.
About the Ecobase afforestation project
The rated project is a grouped afforestation project registered under Verra’s Verified Carbon Standard (VCS 3677).
The project spans 24 European countries. Credit vintages from 2023 and 2024 originate from afforestation activities in 10 of those countries.
The project represents the first afforestation project of its kind to be registered under the Verra VCS in Europe, reflecting the application of large-scale afforestation methodologies across diverse European regulatory, land-use, and forest management contexts.
The project’s first carbon credits were issued in 2024. Verification approval for the 2023 and 2024 vintages has been requested from Verra, and issuance of these vintages is currently pending.
Why this assessment matters
Independent project ratings provide an additional source of project-level insight alongside established standards and registries. For European forestry projects, carbon project assessments are applied in a context where forests are a legally defined land-use category and baseline land-use and management requirements are clearly established in law. Data availability and precision are also typically higher, and project design and delivery must account for multiple national regulatory frameworks within a single grouped project.
The MSCI Carbon Project Rating offers an independent view on a large, multi-country European afforestation project assessed using such a framework. Ecobase welcomes the rating as part of ongoing efforts to increase transparency and understanding of European forestry projects within the voluntary carbon market.
The rating was published by MSCI in October 2025. Ecobase is sharing this assessment now to provide additional context on the project as it progresses toward further credit issuance.
MSCI notice and disclaimer
The MSCI Carbon Project Rating is provided for informational purposes only. It reflects an assessment of carbon project characteristics and does not constitute a credit rating, investment advice, endorsement, or recommendation by MSCI. The rating is not designed to assess the financial condition of any project or entity, nor does it guarantee future performance or outcomes. Use of MSCI Carbon Project Ratings is subject to MSCI’s terms, conditions, and disclaimers. The full MSCI notice and disclaimer is available at https://www.msci.com/legal/notice-and-disclaimer.
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