This comprehensive analyst note builds upon our previous iterations in exploring the evolving dynamics of the California Carbon Offset (CCO) market, as well as projections on where the market can head. This latest update includes an extended forecast reaching to 2040, in order to provide a long-term perspective on the market, as well as incorporates various new scenarios based on potential policy and regulatory changes. Our enhanced methodology, particularly regarding forestry projects, ensures a more nuanced projection of supply, demand and price trends for both DEBs and Non-DEBs. The note aims to serves as an essential resource for stakeholders navigating the complexities, as well as evaluating future opportunities within the WCI CCO market.