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The downward trend of voluntary carbon prices and transacted volumes during January and February indicates that the global economic recession has now also spread to the voluntary carbon market. Our New Carbon Finance Voluntary Carbon Index (VCI), which tracks over-the-counter (OTC) transactions on the wholesale market, decreased by 29% from Nov/Dec price levels (from $7.3/tCO2e to $5.2/t), and by 38% from its peak in July/Aug (from $8.4/t to $5.2/t). The economic recession has also impacted trading activity as transacted volumes tracked by the VCI decreased by almost 70% since Nov/Dec (from 2.7Mt to 0.9Mt).