Prevent call from escaping caret

I am trying to call a batch file from another batch file and pass an argument containing a caret ^. Here’s a minimal example:

@REM @echo off
call composer.bat require "psr/log:^3.0"

However, the call command is escaping the caret which is causing the command to fail:

In VersionParser.php line 526:
  Could not parse version constraint ^^3.0: Invalid version string "^^3.0" 

I tried removing the double quotes from psr/log:^3.0, but this is causing the caret to be removed entirely.

How do I prevent call from doubling the caret?