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Introduction
The 2026 Internal Carbon Fee Tracker includes over 220 companies applying a per-tonne fee to their ongoing greenhouse gas emissions.
Below you’ll find a brief analysis of this year’s data followed by the full fee tracker.
What is a carbon fee?
A carbon fee is a real charge companies levy across business units per tonne of carbon dioxide, or equivalent greenhouse gas, emissions (CO2e). Carbon fees incentivize emissions reductions, increase transparency into the climate impact of business operations, and create a straightforward climate action budget, directly linked to ongoing emissions.
Companies sometimes apply differing fees to specific emission scopes or categories, such as business travel. Typically, companies with carbon fees channel the collected funds into decarbonization initiatives within and beyond their value chains.
Some companies base their fees on the social cost of carbon, an estimate of the damage caused by each additional ton of CO2e emissions. Recent analysis place the social cost of carbon emitted in 2020 between $51 and $190 per tonne.
$51
White House (2021)
3% discount rate
$185
RFF/UC Berkeley (2022)
2% discount rate
$190
US EPA (2023)
2% discount rate
The cost of carbon emissions goes up over time as climate damages accumulate. Some estimate place the social cost of carbon pollution from 2030 emissions at $230/tonne. As a result of the rising costs of climate damage, many brands also ratchet their fees up over time.
Carbon fees differ from shadow or implicit carbon prices. Companies use these forms of carbon pricing to inform inform strategic decisions on infrastructure, procurement, and climate risk, but they exist on paper only. Internal carbon fees also inform strategic decision making, but uniquely involve collecting an actual per-tonne payment, reflected in a company’s annual budget.
Three trends from this year’s tracker:
Fees on employee travel averaged $88/tonne
Thirteen companies have specific fees on business travel (Scope 3, Category 6). Nearly all of these companies are in the technical, professional, or financial services sectors. Carbon fees specific to employee travel ranged from $15 to $200/tonne, with an average of $88/tonne.
Technology, finance, and professional services had highest average fees
Companies in sectors with high profit:emissions ratios applied the highest fees per ton CO2e. These included technology, financial, and professional services firms1:
Biggest growth in carbon fee adoption from The Climate Label brands
In 2025, The Change Climate Project certified nearly 190 companies under its corporate climate action standard, The Climate Label. The certification requires participants to make steady emissions reductions and mitigate their ongoing emissions via a $15/tonne minimum fee.
In 2025, nearly two-thirds of participating companies went above the $15/tonne minimum. In total, The Climate Label brands funded over $17 million in decarbonization initiatives via their carbon fees last year. All brands participating in The Climate Label are in the second table below.
Large brands with carbon fees
Excludes The Climate Label brands with <$50 million annual revenue
| Company name | $/tonne CO2e | Emissions coverage | Start year | Sector | Use of funds + notes |
|---|---|---|---|---|---|
| Adyen [1] [2] | $108 | Scopes 1 & 3.6 (business travel) | 2022 | Software + Tech | BVCM carbon removal |
| Allbirds [1] [2] | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2021 | Apparel | BVCM carbon projects and value-chain emission reductions (Program likely sunsetted) |
| ALOHA | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Food + Beverage | 92% VCA (low-carbon material purchases) 8% other climate funding, policy advocacy See Table 2 for 2025 Effective $/tonne |
| Amika | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Consumer Goods | 91% VCA (energy efficiency) 8% other climate funding contributions, just transition 1% BVCM carbon projects, incl landfill gas See Table 2 for 2025 Effective $/tonne |
| Atomico | $100 | Scope 1-3; $10 for Scope 3.1, & 3.15 | 2023 | VC Fund | BVCM via Climate Transformation Fund with Milkywire |
| Audi of America | $200 | Scope 3.6 (business travel) | 2020 | Automotive | VCA |
| Autodesk [1] [2] [3] | $33 | Scopes 1-3 | 2021 | Software + Tech | VCA (renewable energy), and BVCM carbon projects |
| Avocado Green Mattress | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Consumer Goods | 100% VCA (low-carbon material purchases) See Table 2 for 2025 Effective $/tonne |
| BDO UK [1] [2] | $61 | Scope 3.6 (business travel) | 2024 | Professional Services | decarbonization projects |
| Ben and Jerry’s [1] [2] | not disclosed | not disclosed | 2015 | Food + Beverage | Program likely sunsetted |
| BioGaia [1] [2] | $100 | $100 on Scopes 1 and 2 $10 on Scope 3 | 2022 | Food + Beverage | BVCM via Climate Transformation Fund with Milkywire |
| Bud Light NEXT | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Food + Beverage | 14% VCA (heat pump) 86% BVCM carbon projects (forestry, energy) See Table 2 for 2025 Effective $/tonne |
| Dayforce [1] [2] | $50 | Scope 3.6 (business travel) | 2024 | Software + Tech | BVCM carbon removal projects |
| Deloitte | 2023 | Professional Services | status of program unknown; not mentioned in 2025 sustainability report (Program likely sunsetted) |
||
| Delta Electronics [1] [2] | $300 | Scope coverage not specified | 2021 | Software + Tech | VCA |
| DEPT | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Professional Services | 10% VCA (energy efficiency) 14% other climate funding (carbon inventory software) 76% BVCM carbon projects (water filtration) See Table 2 for 2025 Effective $/tonne |
| Etsy | $100 | Scopes 1, 2, & 3.6 (business travel) $15/tonne on other Scope 3 | 2025 | Software + Tech | VCA and BVCM projects |
| Fireclay Tile | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Consumer Goods | 100% VCA (clean energy generation) See Table 2 for 2025 Effective $/tonne |
| Flickr | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Software + Tech | 98% VCA incl energy efficiency 2% other climate funding, including emissions accounting software See Table 2 for 2025 Effective $/tonne |
| Future Energy Ventures [1] [2] | $100 | Scopes 1-3; $10 for Scope 3 | 2022 | VC Fund | BVCM via Climate Transformation Fund with Milkywire |
| Glow Recipe | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Consumer Goods | 100% VCA (low-carbon material purchase) See Table 2 for 2025 Effective $/tonne |
| GreenFi | ≥$15 | Scopes 1, 2 &3 (Cat 1-7 &9) | 2025 | Financial services | 43% VCA (energy efficiency) 15% other climate funding (carbon accounting software) 42% BVCM carbon projects (forestry) See Table 2 for 2025 Effective $/tonne |
| Jacobs [1] [2] | $50 | Scope 3.6 (business travel) | 2022 | Professional Services | Carbon Reduction Fund |
| Klarna [1] [2] | $100 | $200 on Scopes 1 & 2 $100 on Scope 3.6 $10 on all other Scope 3 | 2021 | Financial Services | BVCM via Climate Transformation Fund with Milkywire |
| KPMG International and Reporting Firms | ≥$15 | Scopes 1, 2 & 3.6 (business travel) | 2022 | Professional Services | VCA (building energy efficiency, emissions data management), and BVCM |
| La Sportiva NA | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Consumer Goods | 87% VCA (clean energy generation) 13% on other climate funding (net-zero consulting services) See Table 2 for 2025 Effective $/tonne |
| Ledgy | $179 | Scope coverage not specified | 2022 | Software + Tech | BVCM carbon removal |
| Mahindra & Mahindra Ltd. [1] [2] | $10 | Scope coverage not specified | 2017 | Automotive | VCA (renewable energy) |
| McKinsey & Co. | $50 | Scope 3.6 (business travel) | 2023 | Professional Services | BVCM carbon projects, SAF |
| Mentimeter | $100 | Scopes 1-3 | 2022 | Software + Tech | BVCM via Climate Transformation Fund with Milkywire |
| Microsoft | $100 | Scope 3.6 (business travel); $15 on Scopes 1, 2, and other 3 | 2012 | Software + Tech | |
| Northzone [1] [2] | $100 | $100 for Scopes 1, 2, & 3.6 (business travel) $10 for other Scope 3 | 2022 | VC Fund | BVCM via Climate Transformation Fund with Milkywire |
| Oliver Wyman | $50 | Scope 3.6 (business travel) | 2023 | Professional Services | Various, including BVCM Climate Leadership Portfolio for carbon removal and other NBS |
| OSEA Malibu | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Consumer Goods | 73% VCA (low-carbon material purchase) 14% on other climate funding (sustainability consultant) 13% BVCM carbon projects (incl REDD+) See Table 2 for 2025 Effective $/tonne |
| Peak Design | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Consumer Goods | 64% VCA (low-carbon material purchase) 36% BVCM carbon projects (incl grasslands) See Table 2 for 2025 Effective $/tonne |
| Philip Morris International | $11 | Scopes 1, 2 | 2020 | Consumer Goods | VCA and BVCM |
| Planet A [1] [2] | $143 | Scopes 1-3 | 2022 | VC Fund | BVCM via Climate Transformation Fund with Milkywire; €120 conversion to USD as of Feb 2026 |
| Prose | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Consumer Goods | 100% VCA (energy efficiency) See Table 2 for 2025 Effective $/tonne |
| Reformation | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Apparel | 11% VCA (low-carbon material switching) 89% BVCM carbon projects (incl forestry) See Table 2 for 2025 Effective $/tonne |
| REI Co-op | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9); calculated on market-based emissions | 2025 | Retail | 58% VCA (incl low-carbon material purchcase) 5% other climate initiatives (incl supplier engagement) 37% BVCM carbon projects (incl forestry, grasslands) See Table 2 for 2025 Effective $/tonne |
| Societe Generale [1] [2] | $30 | Scope coverage not specified | 2011 | Financial Services | VCA |
| Stio | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Apparel | 96% VCA (low-carbon material purchcase) 4% other climate initiatives, incl climate advocacy See Table 2 for 2025 Effective $/tonne |
| SwissRe [1] [2] [3] | $134 | Scopes 1, 2, & 3.6 (business travel) | 2021 | Financial Services | BVCM carbon projects |
| Tech Mahindra | $12 | Scopes 1-3 | 2022 | Professional Services | green investments and move toward a low-carbon transition |
| UEFA [1] [2] | $30 | not disclosed | 2021 | Events | Prev used for carbon removal; in 2025, funded amateur football club environmental projects; €25/tonne conversion to USD as of Feb, 2026 (Program likely sunsetted) |
| University College London | $40 | Scopes 1, 2 | 2018 | Academia | 50% used for staff/student reward; other funds available for department carbon savings pitch competition (Program likely sunsetted) |
| Vuori | ≥$15 | Scopes 1, 2 & 3 (Cat 1-7, 9) | 2025 | Apparel | 94% VCA (low-carbon material purchase) 6% other climate initiatives (incl supplier engagement) See Table 2 for 2025 Effective $/tonne |
| Workday | not disclosed | not disclosed | 2020 | Software + Tech | Renewable energy procurement and BVCM carbon projects |
| Yale | $50 | Scopes 1, 2 | 2023 | Academia | VCA; up from $20/tonne in 2023 (Program likely sunsetted) |
Carbon fees from The Climate Label certified brands
In 2025, The Climate Label certification required participating companies to set a fee of ≥$15/tonne across Scopes 1, 2, and 3 (Categories 1-7, and 9). Most companies went above the $15 minimum. Column 2 shows each brand’s effective carbon fee for 2025, based on emissions and total climate funding reported.
VCA = value chain abatement; BVCM = beyond value chain mitigation
| Company name | 2025 Effective $/tonne CO2e | Sector | Annual emissions below X tCO2e/yr | Use of funds + notes |
|---|---|---|---|---|
| 5DayDeal | $200 | Software + Tech | 100 | 100% VCA (fleet electrification) |
| Acumatica | $16 | Professional Services | 10000 | 17% VCA low-carbon material switching 14% other climate funding, net-zero consulting services 69% BVCM carbon projects, incl landfill gas calculated on market-based emissions |
| ACURE | $15 | Consumer Goods | 10000 | 10% VCA (low-carbon material purchases) 5% other climate funding, incl supplier engagement 85% BVCM carbon projects, incl US ag |
| ALOHA | $24 | Food + Beverage | 30000 | 92% VCA (low-carbon material purchases) 8% other climate funding, policy advocacy |
| Alter Eco | $15 | Food + Beverage | 10000 | 85% VCA; 15% on other climate funding contributions |
| Amika | $18 | Consumer Goods | 30000 | 91% VCA (energy efficiency) 8% other climate funding contributions, just transition 1% BVCM carbon projects, incl landfill gas |
| Ana Luisa | $16 | Apparel | 10000 | 80% VCA (low-carbon material purchases) 14% other climate funding (net-zero consulting) 6% BVCM carbon projects (incl methane) |
| Ananday | $57 | Consumer Goods | 100 | 100% VCA (low-carbon material purchases) |
| Ancient + Brave | $15 | Food + Beverage | 10000 | 11% VCA (electrification) 15% other climate funding (net-zero consulting) 75% BVCM carbon projects (incl REDD+) |
| &BACK COFFEE | $89 | Food + Beverage | 1000 | 99% VCA (low-carbon material purchases) 1% BVCM carbon projects (incl solar water pumps) |
| Another Tomorrow | $21 | Apparel | 1000 | 89% VCA (low-carbon material purchase) 11% other climate funding (supplier engagement) |
| Aquila’s Nest Vineyards | $344 | Food + Beverage | 1000 | 100% VCA (solar panel installation) |
| August | $15 | Consumer Goods | 10000 | 19% VCA low-carbon material switching 81% BVCM carbon projects, incl landfill gas |
| AUVA Certification Limited | $576 | Professional Services | 100 | 100% VCA (electrification) |
| AvAir | $15 | Travel + Transportation | 10000 | 22% VCA electrification 15% other climate funding, net-zero consulting and policy advocacy 63% BVCM carbon projects, incl US forestry and landfill gas calculated on market-based emissions |
| Avocado Green Mattress | $58 | Consumer Goods | 30000 | 100% VCA (low-carbon material purchases) |
| Backdrop | $15 | Consumer Goods | 10000 | 18% VCA (low-carbon material purchases) 82% BVCM carbon projects (incl landfill gas, REDD+) |
| Be Ultimate | $15 | Consumer Goods | 10000 | 30% VCA (logistics and energy) 15% other climate funding 55% BVCM carbon projects (incl forestry) |
| Beco | $32 | Consumer Goods | 10000 | 100% VCA (low-carbon material switching) |
| BioLite | $19 | Consumer Goods | 10000 | 15% VCA (low-carbon material switching) 12% other climate funding, incl advocacy 63% BVCM carbon projects, incl improved cookstoves |
| Bloobloom | $15 | Apparel | 1000 | 100% BVCM carbon projects, incl landfill gas |
| Blue Dot | $15 | Professional Services | 100 | 100% BVCM carbon projects, incl REDD+ |
| Blue Planet Outdoors / Earthwild | $19 | Apparel | 100 | 8% value chain abatement, incl low-carbon material switching 3% on other climate spending, incl employee training 89% BVCM carbon projects, incl REDD+ |
| Blueland | $25 | Consumer Goods | 30000 | 45% VCA (low-carbon material purchase); 9% other climate funding contributions, like staff research; 46% BVCM carbon projects (incl super pollutant abatement, IFM) |
| Bona Furtuna | $15 | Food + Beverage | 1000 | 70% VCA incl electrification and low-carbon material switching 30% BVCM carbon projects, inclu REDD+ |
| Bookshop.org | $15 | Software + Tech | 1000 | 21% VCA incl low-carbon material purchase 15% other climate funding, including carbon accounting software 64% BVCM carbon projects, inclu clean cooking and landfill gas, DAC |
| Boonboo | $49 | Consumer Goods | 100 | 55% VCA clean energy 45% BVCM carbon projects, incl REDD+ |
| Booth | $15 | Professional Services | 10000 | 75% VCA incl low-carbon material purchase 15% other climate funding, including carbon accounting software, staff costs 10% BVCM carbon projects, inclu REDD+ |
| Bread Alone Bakery | $25 | Food + Beverage | 10000 | 100% VCA electrification and low-carbon material switching |
| Bronwen Jewelry | $15 | Apparel | 1000 | 10% VCA incl energy and low-carbon material purchase 15% other climate funding, including staff training 75% BVCM carbon projects, incl forestry |
| Bruna | $15 | Apparel | 1000 | 19% VCA incl low-carbon material switching 15% other climate funding, including net-zero consulting 66% BVCM carbon projects, inclu grasslands and biochar |
| Bud Light NEXT | $18 | Food + Beverage | 10000 | 14% VCA (heat pump); 86% BVCM carbon projects (forestry, energy) |
| Burgeon Beer Company | $15 | Food + Beverage | 1000 | 10% VCA incl low-carbon electricity 90% BVCM carbon projects, inclu REDD+ |
| By Rosie Jane | $20 | Consumer Goods | 10000 | 76% VCA incl low-carbon material purchase 9% other climate funding, incl net-zero consulting services 15% BVCM carbon projects, incl forestry |
| CNaught | $44 | Software + Tech | 100 | 70% VCA incl low-carbon material switching 5% other climate funding, including carbon accounting software 25% BVCM carbon projects, inclu landfill gas |
| Cairnspring Mills | $18 | Food + Beverage | 30000 | 100% VCA (low-carbon material purchase) |
| Calgee | $41 | Consumer Goods | 100 | 63% VCA incl low-carbon material purchase 37% BVCM carbon projects, incl forestry and landfill gas |
| CAMP Eyewear | $15 | Apparel | 1000 | 10% VCA incl low-carbon electricity 90% BVCM carbon projects, inclu landfill gas |
| Canary Marketing | $15 | Professional Services | 10000 | 11% VCA incl energy efficiency 9% on other climate investments, inclu carbon emission calculation software 80% BVCM carbon projects, incl forestry, landfill gas calculated on market-based emissions |
| Ceremonia | $16 | Consumer Goods | 10000 | 38% VCA (low-carbon material purchase) 62% BVCM carbon projects, inclu landfill gas |
| ChicoEco, Inc | $34 | Consumer Goods | 1000 | 69% VCA incl low-carbon material purchase 6% other climate funding, including change management for switching to recycled content 25% BVCM carbon projects, inclu REDD+ |
| CHNGE | $69 | Apparel | 1000 | 100% VCA incl low-carbon material purchase |
| Clove & Twine | $18 | Professional Services | 1000 | 100% VCA incl low-carbon material purchase |
| Collins Hume | $15 | Professional Services | 100 | 100% BVCM carbon projects, incl forestry |
| Commons | $17 | Software + Tech | 100 | 20% VCA incl energy efficiency 80% BVCM carbon projects, inclu blue carbon |
| Convert | $15 | Software + Tech | 1000 | 15% VCA incl clean energy generation 15% other climate funding, including carbon accounting software 70% BVCM carbon projects, inclu forestry |
| COUNSEL | $72 | Professional Services | 1000 | 5% VCA incl low-carbon material switching 95% BVCM carbon projects, inclu forestry and landfill gas |
| Crap Eyewear | $51 | Apparel | 10000 | 100% VCA incl low-carbon material purchase |
| Creative Solutions | $15 | Professional Services | 10000 | 75% VCA incl low-carbon material purchase 15% other climate funding, including net-zero consulting services 10% BVCM carbon projects, inclu landfill gas |
| Denomination | $18 | Professional Services | 1000 | 47% VCA incl energy efficiency 13% other climate funding, including staff circularity training 40% BVCM carbon projects, inclu forestry |
| DEPT | $17 | Professional Services | 30000 | 10% VCA (energy efficiency); 14% other climate funding (carbon inventory software); 76% BVCM carbon projects (water filtration) |
| Dermatone Labs, LLC | $30 | Consumer Goods | 1000 | 85% VCA incl low-carbon material purchase 15% BVCM carbon projects, incl water filtration |
| Dimagi | $15 | Software + Tech | 10000 | 33% VCA incl energy efficiency 10% other climate funding, including staff coaching 58% BVCM carbon projects, inclu landfill gas and forestry |
| Dozen Bakery | $17 | food + Beverage | 100 | 100% VCA incl clean energy generation |
| Earth Harbor Naturals | $15 | Consumer Goods | 1000 | 10% VCA incl low-carbon material purchase 90% BVCM carbon projects, inclu landfill gas |
| EthicDrinks | $21 | Food + Beverage | 10000 | 100% VCA incl low-carbon material purchase |
| Ethique | $19 | Consumer Goods | 10000 | 74% VCA incl efficienct logistics 26% BVCM carbon projects, inclu industrial gas |
| Ettitude | $15 | Consumer Goods | 1000 | 20% VCA incl low-carbon material purchase 15% other climate funding, includ software license 65% BVCM carbon projects, incl forestry |
| Eva-NYC | $17 | Consumer Goods | 10000 | 100% VCA including low-carbon material purchases and logistics efficiency |
| Experience Momentum | $136 | Consumer Goods | 1000 | 100% VCA incl clean energy generation |
| ExquisiteCrystals.com LLC | $24 | Consumer Goods | 100 | 28% VCA incl clean energy generation 72% BVCM carbon projects, incl forestry |
| F Bass Inc. | $21 | Manufacturing | 1000 | 100% VCA incl energy efficiency |
| Fireclay Tile | $17 | Consumer Goods | 30000 | 100% VCA (clean energy generation) |
| Fjorden | $18 | Consumer Goods | 10000 | 8% VCA incl low-carbon material purchase 5% other climate funding, includ employee education 87% BVCM carbon projects, incl landfill gas and forestry |
| Flickr | $91 | Software + Tech | 1000 | 98% VCA incl energy efficiency 2% other climate funding, including emissions accounting software |
| Fluf Testile Goods Inc. | $25 | Consumer Goods | 1000 | 100% VCA incl low-carbon material purchase |
| Forsake | $52 | Apparel | 1000 | 53% VCA incl low-carbon material switching 47% BVCM carbon projects, inclu forestry |
| FUSION Performance Group | $22 | Professional Services | 100 | 28% VCA incl low-carbon material purchase 72% BVCM carbon projects, inclu forestry and landfill gas |
| Gifts for Good | $147 | Software + Tech | 100 | 100% VCA incl low-carbon material purchase |
| Glow Recipe | $17 | Consumer Goods | 100000 | 100% VCA (low-carbon material purchase) |
| Good Good Good | $257 | Media | 100 | 96% VCA incl low-carbon material purchase 4% BVCM carbon projects, incl landfill gas |
| Goodee | $138 | Consumer Goods | 100 | 100% VCA incl low-carbon material purchase |
| goodr | $15 | Apparel | 30000 | 11% VCA (workplace electrification) 89% BVCM carbon projects, incl forestry |
| Grain | $15 | Consumer Goods | 100 | 24% VCA incl energy efficiency 25% other climate funding, includ staff fellowship 61% BVCM carbon projects, incl forestry |
| GreenFi | $15 | Financial Services | 10000 | 43% VCA (energy efficiency) 15% other climate funding (carbon accounting software) 42% BVCM carbon projects (forestry) |
| GreenStep Solutions Inc. | $21 | Professional Services | 100 | 100% VCA incl direct fuel switching |
| Happy Earth | $16 | Apparel | 1000 | 94% VCA incl low-carbon material purchase 6% BVCM carbon projects, incl landfill gas |
| HANNI | $15 | Consumer Goods | 10000 | 56% VCA incl efficient logistics 44% BVCM carbon projects, incl forestry |
| HigherRing | $17 | Professional Services | 100 | 100% BVCM carbon projects, incl REDD+ |
| Holden Rings | $15 | Apparel | 10000 | 18% VCA incl low-carbon material purchase 13% other climate funding, includ net zero consulting services 69% BVCM carbon projects, incl landfill gas |
| Hune | $15 | Software + Tech | 100 | 100% VCA incl low-carbon material purchase |
| Ibex | $15 | Apparel | 1000 | 10% VCA incl low-carbon material purchase 15% other climate funding, includ carbon accounting software 75% BVCM carbon projects, incl forestry and landfill gas |
| Independent Record Pressing | $15 | Consumer Goods | 10000 | 65% VCA incl energy efficiency 15% other climate funding, includ climate policy advocacy 20% BVCM carbon projects, incl REDD+ |
| Infinum | $15 | Software + Tech | 1000 | 90% VCA incl energy efficiency 10% BVCM carbon projects, incl forestry |
| Innersense Organic Beauty | $17 | Consumer Goods | 10000 | 100% VCA incl low-carbon material purchase |
| Jikoni | $17 | Food + Beverage | 1000 | 32% VCA incl low-carbon electricity 13% other climate funding, includ net-zero consulting services 55% BVCM carbon projects, incl REDD+ and clean cookstoves |
| JuneShine | $22 | Food + Beverage | 10000 | 51% VCA (onsite CO2 capture); 10% other climate funding, like staff research; 39% BVCM carbon projects, incl landfill gas |
| Kate McLeod | $15 | Consumer Goods | 1000 | 30% VCA incl low-carbon material switching 15% on other climate funding contributions incl emissions accounting software 55% BVCM, including carbon credits from landfill gas and forestry |
| KBS Pets | $46 | Consumer Goods | 1000 | 98% VCA incl energy efficiency 2% BVCM, including carbon projects, incl forestry |
| Kenna Group | $15 | Professional Services | 1000 | 24% VCA incl low-carbon material purchase 13% on other climate funding contributions incl donation to climate nonprofit 63% BVCM carbon projects, incl forestry |
| Klean Kanteen | $15 | Consumer Goods | 10000 | 89% VCA (low-carbon material purchase); 11% other climate funding, like staff development; |
| Knowmium | $17 | Professional Services | 100 | 11% VCA incl energy efficiency 89% BVCM carbon projects, incl landfill gas |
| KORA Organics | $30 | Consumer Goods | 10000 | 93% VCA incl low-carbon material purchase 7% other climate funding, incl net-zero consulting services |
| Koraru | $15 | Apparel | 100 | 100% BVCM carbon projects, REDD+ |
| KraveBeauty | $19 | Consumer Goods | 1000 | 88% value chain emission reductions (low-carbon materials) 12% other climate funding (carbon footprint software) |
| La Sportiva NA | $16 | Consumer Goods | 30000 | 87% VCA (clean energy generation); 13% on other climate funding (net-zero consulting services) |
| Langley’s Gin | $344 | Food + Beverage | 1000 | 100% VCA incl low-carbon material purchase |
| LifeStraw | $15 | Consumer Goods | 10000 | 16% VCA incl low-carbon material purchase 15% other climate funding, includ staff time on sourcing 69% BVCM carbon projects, incl forestry and water pumps |
| LOJEL | $17 | Consumer Goods | 30000 | 91% VCA (low-carbon material purchase); 9% on other climate funding (net-zero consulting) |
| Ioqa | $15 | Consumer Goods | 1000 | 55% VCA incl low-carbon material purchase 15% other climate funding, includ staff time 30% BVCM carbon projects, incl landfill gas |
| Lubanzi Wines | $15 | Food + Beverage | 1000 | 11% VCA incl low-carbon material purchase 89% BVCM carbon projects, incl landfill gas and REDD+ |
| Maison Louis Marie | $15 | Consumer Goods | 10000 | 34% VCA incl low-carbon material purchase 15% other climate funding, includ software 51% BVCM carbon projects, incl forestry |
| Marnie Hawson Pty Ltd | $699 | Professional Services | 100 | 100% VCA incl electrification |
| MiiR | $15 | Consumer Goods | 10000 | 72% VCA (low-carbon material purchase); 15% other climate funding, like staff development; 13% BVCM, carbon credits |
| Molly Mutt | $15 | Consumer Goods | 10000 | 100% VCA incl low-carbon material purchase |
| Nanimarquina | $15 | Consumer Goods | 10000 | 85% VCA incl energy efficiency 15% other climate funding, includ net-zero consulting services |
| Narrative Food | $232 | Food + Beverage | 100 | 90% value chain emission reductions, low-carbon material purchase; 10% BVCM carbon projects, REDD+ |
| Nécessaire | $15 | Consumer Goods | 10000 | 58% value chain emission reductions, low-carbon material purchase; 42% BVCM carbon projects, forestry |
| Needed | $16 | Consumer Goods | 10000 | 41% VCA incl low-carbon material purchase 11% other climate funding, includ net-zero consulting services 48% BVCM carbon projects, incl HFC reclamation |
| Nimble for Good, PBC | $17 | Consumer Goods | 10000 | 100% VCA incl low-carbon material purchase |
| Nocs Provisions | $15 | Consumer Goods | 10000 | 11% VCA incl low-carbon material switching 15% other climate funding, includ software 74% BVCM carbon projects, incl REDD+ |
| NOMADIX | $413 | Consumer Goods | 10000 | 99% on low-carbon material purchase 1% on staff development |
| Numi Organic Tea | $103 | Food + Beverage | 10000 | 100% VCA incl low-carbon material purchase |
| Orbitkey | $18 | Consumer Goods | 10000 | 100% VCA incl low-carbon material purchase |
| Originate NBM | $20 | Consumer Goods | 100 | 13% VCA incl clean energy generation 87% BVCM carbon projects, incl forestry |
| OSEA Malibu | $16 | Consumer Goods | 30000 | 73% VCA (low-carbon material purchase); 14% on other climate funding (sustainability consultant); 13% BVCM carbon projects (incl REDD+) |
| Peak Design | $15 | Consumer Goods | 30000 | 64% VCA (low-carbon material purchase); 36% BVCM carbon projects (incl grasslands) |
| Pela Case | $223 | Consumer Goods | 1000 | 97% value chain emission reductions, low-carbon material purchase; 3% BVCM carbon projects, cookstoves |
| Perr & Knight Consulting | $15 | Professional Services | 1000 | 10% VCA incl low-carbon material purchase 15% other climate funding, includ net-zero consulting services 75% BVCM carbon projects, incl forestry |
| Petaluma | $119 | Food + Beverage | 1000 | 100% VCA incl low-carbon material purchase |
| Planet+Purpose Solutions | $15 | Professional Services | 100 | 100% BVCM carbon projects, incl blue carbon |
| PopSockets | $89 | Consumer Goods | 10000 | 100% VCA low-carbon material purchases |
| Post Company | $15 | Consumer Goods | 1000 | 100% BVCM carbon projects, incl forestry and landfill gas |
| Preserve | $15 | Consumer Goods | 1000 | 27% VCA incl low-carbon material switching 15% other climate funding, includ software 58% BVCM carbon projects, incl REDD+ |
| Project Reef | $16 | Consumer Goods | 1000 | 86% VCA incl electrification 14% other climate funding, includ staff costs |
| Prose | $21 | Consumer Goods | 30000 | 100% VCA (energy efficiency) |
| Pure Brewing | $33 | Food + Beverage | 10000 | 93% VCA incl GHG capture equipment 7% other climate funding, includ software |
| QEJA SOCKS | $27 | Apparel | 100 | 95% VCA low-carbon material purchases 5% BVCM carbon projects, incl forestry |
| Rainbo | $26 | Consumer Goods | 1000 | 100% VCA low-carbon material purchases |
| Reformation | $18 | Apparel | 100000 | 11% VCA (low-carbon material switching) 89% BVCM carbon projects (incl forestry) |
| REI | $30 | Retail | 300000 | 58% VCA (incl low-carbon material purchcase); 5% other climate initiatives (incl supplier engagement); 37% BVCM carbon projects (incl forestry, grasslands); calculated on market-based emissions |
| Renoun | $16 | Consumer Goods | 10000 | 100% VCA incl low-carbon material purchases and efficient logistics |
| Rizos Curls | $15 | Consumer Goods | 10000 | 39% VCA incl efficient logistics 8% on other climate initiatives like staff costs 53% BVCM carbon projects, incl REDD+ |
| Rumpl | $20 | Consumer Goods | 10000 | 38% VCA low-carbon material purchase 62% BVCM carbon projects, incl forestry |
| Saltverk | $286 | Food + Beverage | 1000 | 100% VCA incl energy efficiency |
| salty aura | $18 | Consumer Goods | 1000 | 66% VCA low-carbon material purchase 34% BVCM carbon projects, incl forestry |
| SARDINE | $18 | Apparel | 100 | 14% VCA low-carbon material purchase 86% BVCM carbon projects, incl REDD+ |
| SAYLOR NYC INC | $15 | Apparel | 10000 | 14% VCA incl electrification 15% other climate funding, incl net-zero consulting services 71% BVCM carbon projects, incl forestry |
| Seed & Shell | $20 | Food + Beverage | 100 | 30% VCA incl low-carbon material purchase 70% BVCM carbon projects, incl REDD+ |
| Sendle | $36 | Software + Tech | 10000 | 9% VCA incl electrification 6% other climate funding, incl staff resourcing 85% BVCM carbon projects, incl industrial gases, landfill gas, forestry |
| Simple & Dainty | $17 | Apparel | 1000 | 10% VCA incl low-carbon material purchase 90% BVCM carbon projects, incl REDD+ |
| Slow Loris | $15 | Apparel | 1000 | 61% VCA incl low-carbon material purchase 15% other climate funding, incl software 24% BVCM carbon projects, incl forestry |
| SmugMug | $15 | Software + Tech | 10000 | 58% VCA incl energy efficiency 6% other climate funding, incl climate policy advocacy 36% BVCM carbon projects, incl REDD+ |
| Snaplinc Consulting | $45 | Professional Services | 100 | 50% VCA incl energy efficiency 50% BVCM carbon projects, incl industrial gas |
| Soar Organics | $14 | Food + Beverage | 100 | 24% VCA incl low-carbon material purchase 76% BVCM carbon projects, incl landfill gas |
| Soleil Soleil | $36 | Apparel | 1000 | 100% VCA incl low-carbon material purchase |
| Split Spirits | $45 | Food + Beverage | 1000 | 100% VCA incl low-carbon material purchase |
| Stickbulb | $27 | Consumer Goods | 1000 | 92% VCA efficient logistics 8% on other climate initiatives like climate advocacy |
| Stio | $30 | Apparel | 30000 | 96% VCA (low-carbon material purchcase) 4% other climate initiatives, incl climate advocacy |
| Stranda Snowboards | $26 | Consumer Goods | 1000 | 100% VCA incl low-carbon material purchase |
| Sunski | $15 | Apparel | 1000 | 42% VCA low-carbon material purchcase 15% on other climate initiatives like climate advocacy 43% BVCM carbon projects, incl forestry |
| Supercharge Ltd | $15 | Software + Tech | 1000 | 11% VCA incl low-carbon material switching 15% other climate funding, incl climate policy advocacy 74% BVCM carbon projects, incl mangroves |
| Seatrees | $15 | Non-Profit | 1000 | 10% VCA incl fuel switching 15% other climate funding, incl research for biodiversity credits 75% BVCM carbon projects, incl REDD+ calculated on market-based emissions |
| Sutsu | $752 | Apparel | 1000 | 100% VCA incl low-carbon material purchase |
| Swagger | $17 | Professional Services | 1000 | 28% VCA incl low-carbon material purchase 13% other climate funding, incl software 59% BVCM carbon projects, incl forestry |
| TECODA | $15 | Food + Beverage | 100 | 100% BVCM carbon projects, incl forestry |
| tentree | $21 | Apparel | 10000 | 89% VCA incl low-carbon material purchase 11% other climate funding, incl net-zero consulting services |
| Thatcher | $17 | Consumer Goods | 1000 | 100% VCA incl low-carbon material purchase |
| The Change Climate Project | $15 | Non-Profit | 100 | 10% VCA incl energy efficiency 90% BVCM carbon projects, incl forestry |
| The Earthling Co. | $16 | Consumer Goods | 10000 | 87% VCA incl low-carbon material purchase 13% other climate funding, incl climate policy advocacy |
| The Resell Club | $63 | Apparel | 100 | 42% VCA incl low-carbon material purchase 58% BVCM carbon projects, incl REDD+ |
| The Running Kind | $17 | Professional Services | 100 | 39% VCA incl low-carbon electricity 13% other climate funding, incl staff management 48% BVCM carbon projects, incl HFCs, REDD+ |
| The Scrubba | $17 | Consumer Goods | 1000 | 22% VCA incl low-carbon material switching 13% other climate funding, incl staff management 65% BVCM carbon projects, incl landfill gas and forestry |
| The Synergy Company | $28 | Food + Beverage | 10000 | 92% VCA incl low-carbon material switching 8% other climate funding, incl software calculated on market-based emissions |
| Their Jewelry | $15 | Apparel | 100 | 100% BVCM carbon projects, incl REDD+ |
| Topiku | $16 | Apparel | 100 | 60% VCA incl low-carbon material purchase 40% BVCM carbon projects, incl forestry |
| TOPO Collective | $15 | Professional Services | 100 | 100% BVCM carbon projects, incl forestry |
| Tripulse | $470 | Apparel | 100 | 100% VCA incl low-carbon material purchase |
| Turtle Fur | $19 | Consumer Goods | 10000 | 100% VCA incl low-carbon material purchase |
| Underscored | $23 | Apparel | 100 | 100% BVCM carbon projects, incl forestry |
| Unruled | $15 | Consumer Goods | 100 | 99% VCA incl energy efficiency 1% BVCM carbon projects, incl REDD+ |
| Vahdam Teas | $27 | Food + Beverage | 10000 | 100% VCA incl low-carbon material purchase |
| Vargo Outdoors | $121 | Consumer Goods | 1000 | 100% VCA incl clean energy generation |
| Veerless | $30 | Professional Services | 100 | 22% VCA incl low-carbon electricity 8% other climate funding, incl employee education 70% BVCM carbon projects, incl forestry |
| Vintner’s Daughter | $15 | Consumer Goods | 1000 | 96% VCA incl low-carbon material purchase 4% other climate funding, incl employee education |
| VIOLETTE_FR | $24 | Consumer Goods | 10000 | 90% VCA incl low-carbon material switching 10% other climate funding, incl just transition initaitives |
| Vuori | $26 | Apparel | 300000 | 94% VCA (low-carbon material purchase) 6% other climate initiatives (incl supplier engagement and policy advocacy) |
| Weknowtransfers | $245 | Travel + Transportation | 1000 | 95% VCA incl electrification 1% other climate funding, incl software 4% BVCM carbon projects, incl landfill gas |
| WILDFANG | $16 | Apparel | 10000 | 23% VCA incl low-carbon material switching 10% other climate funding, incl software 67% BVCM carbon projects, incl forestry |
| WOODSANDWAVES | $15 | Consumer Goods | 1000 | 52% VCA incl low-carbon material purchase 15% other climate funding, incl staff management 33% BVCM carbon projects, incl industrial gas |
| Xocolatl Chocolate | $21 | Food + Beverage | 1000 | 95% VCA incl low-carbon material purchase 5% BVCM carbon projects, incl REDD+ |
| YAMA Mountain Gear | $15 | Consumer Goods | 100 | 32% VCA incl low-carbon material purchase 15% other climate funding, incl just transition initiatives 53% BVCM carbon projects, incl REDD+ |
| zkipster | $15 | Software + Tech | 1000 | 18% VCA incl low-carbon material switching 82% BVCM carbon projects, incl REDD+ |
| Zusa | $72 | Apparel | 100 | 100% VCA incl low-carbon material purchase |
Guidelines for setting an internal carbon fee
There’s no one-size-fits-all when it comes to setting an internal carbon fee, but if you’re interested in reading more about how others have done it, check out these recent guides:
- How to set an internal carbon fee, Milkywire, 2022 (accessible here)
- Guidelines for setting a net zero aligned internal carbon price, BCG, Patch, and the University of Oxford, 2025 (accessible here)
- Delta Electronics report chronicling its move from a shadow price to a carbon fee (download here)
Glossary
BVCM: Beyond value chain mitigation
CO2e: one tonne of carbon dioxide or the amount of CO2 emissions that would cause the same global warming potential as one tonne of another greenhouse gas
IFM: Improved forest management – a carbon project type that removes carbon from the atmosphere by increasing carbon in working forests
REDD+: Reducing Emissions from Deforestation and forest Degradation – a carbon project type that maintains standing forests to protect existing terrestrial carbon stores and implement practices that continue to grow the carbon stocks in these forest
VCA: Value chain emissions abatement
Footnotes
- The average was calculated using the highest fee charged on any emissions category across the company. For example, if a company charged a higher fee on business travel than other scope 3 categories, the business travel fee was used to calculate the sector average.
Excludes The Climate Label brands with annual revenue <$50 million.
For The Climate Label brands with >$50 million annual revenue, this calculation utilized each company’s 2025 effective carbon fee (see Table 2).
Financial services includes VC funds. ↩︎
Any errors in the 2026 Internal Carbon Fee Tracker are purely my own. If you see an error, or know of a company using an internal carbon fee that’s not included in the tracker, let me know!