Buying Blind? Analysis of DAX40 FY2025 CSRD Carbon Credit Disclosures

We extracted carbon credit disclosures from all 39 DAX40 companies that published FY2025 reports under CSRD's ESRS E1-7 standard to date. Twenty-one are active carbon credit buyers, reporting a combined 4.84 million tCO2e.

‍We then attempted to independently identify every credit, cross-referencing CSRD reports, seven public registries (Verra, Gold Standard, ACR, CAR, Puro Earth, EcoRegistry, C-Sink Registry), California AB 1305 filings, company websites, and broker publications. Of the 101 projects identified, 90 were independently rated for carbon integrity, additionality, and permanence. Here is what we found.

“Europe's largest companies reported 4.84 million carbon credits under CSRD, but not a single company disclosed the project identifiers within CSRD filing needed to verify them. We traced 55% to specific projects through our own research across publicregistries, press releases, and corporate filings. The remaining 45% (2.17 million credits) could not be identified. For most of what we could identify, the quality didn't hold up.” - Adrian Wons, Founder & CEO, Senken

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Want to learn more? Register for the webinar with Senken & Sylvera on May 21st.