Global Environmental Markets Update - January 2026

In this issue

This update is published monthly and provides analysis of key developments in select compliance and voluntary carbon, and emerging environmental markets.

‍

Highlights for January

‍

Select regional carbon markets:

• ACCU prices firmed through January, supported by returning liquidity after the holiday period and growing focus on the upcoming March compliance deadline.
• NZU prices remained under pressure in January, hovering near five-year lows amid persistent policy uncertainty and subdued buyer participation.
• Singapore’s carbon tax increased by S$20 to S$45/tCO2-e for the 2026-2027 period. The higher tax could encourage Singaporean companies to utilise more of their 5% international credits allowance to ease their financial burden in their decarbonisation journey.
• In Japan, the Tokyo Stock Exchange announced plans to launch an over‑the‑counter (OTC) trade settlement service for domestically issued J‑Credits in March 2026 to simplify the currently complex OTC trading process.

‍

Voluntary carbon market:

• January reinforced the voluntary market’s bifurcated recovery, with compliance-linked demand showing pockets of resilience while legacy credits faced renewed pressure.

‍

CORSIA market:

• In developments relevant to CORSIA supply, following the long-awaited endorsement of insurance products under both Verra and Gold Standard, January saw the Lao People’s Democratic Republic publish its first Biennial Transparency Report.

‍

Sustainable Aviation Fuel credits:

• SAFc retirements levelled off after December’s highs, with a 68% MoM drop of SAF linked to credits to 13,304 tonnes.

‍

‍*Please note: This report is produced using select data, commentary and insights as available in full to our Carbon Intelligence Package subscribers.
‍

Learn more about our Carbon Intelligence Package, a digital subscription for deep market insights, cutting edge financial and physical data, advanced analytical tools and access to market experts.