California’s carbon offset market stands at a critical juncture, with post-2030 policy decisions emerging as the single most decisive factor shaping long-term market dynamics. California’s likely delay of program extension and ARB’s updated regulation into 2026 means that this forecast edition is based on ‘what might be’, more than on solid expectations of ‘what should come to pass’. 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.