This updated California Carbon Offset (CCO) forecast provides a long-term outlook extending to 2045, incorporating key policy developments and market linkages that could reshape offset supply and demand. With greater clarity on Washington’s expected linkage and Quebec’s definitive phaseout of offsets by 2030, we have refined our scenarios to reflect potential outcomes for California’s offset market. Our enhanced methodology, particularly regarding forestry projects, ensures a more nuanced projection of supply, demand and price trends for both DEBs and Non-DEBs, as well as Washington DEBs and Tribal offsets. The note aims to serves as an essential resource for stakeholders navigating the complexities, as well as evaluating future opportunities within the WCI CCO and WCO markets.