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 March
Select regional carbon markets:
- ACCU trading was subdued into the compliance deadline, with Generic spot ACCUs consolidating in a tight range and ending the month at $36.30.
- NZU prices softened in March (closing at NZ$41.60) after the first NZ ETS auction of the year, with uncertainty around policy direction and the potential future role of international units remaining a key focus.
- Singapore progressed two bilateral carbon arrangements in March, advancing Article 6 project pipeline activity with Thailand and continuing development-stage proposals with Bhutan.
- Japan’s GX‑ETS entered its mandatory phase from 1 April, introducing a price corridor and allowing limited offset use via domestic J‑Credits and bilateral JCM units.
Voluntary carbon market:
- Voluntary market retirements lifted again in March, with registry data showing stronger net retirements year‑to‑date, even as uncertainty around Article 6 authorisation timing remains a key risk.
CORSIA market
- CORSIA Phase 1 eligible supply continued to expand in March, lifting total eligible volumes above 32 million credits, though still well below estimated Phase 1 requirements, while prices remained under pressure.
Article 6 market:
- Article 6 progress continued in March across multiple jurisdictions, including Peru’s first A6.2 ITMO authorisation with Switzerland, further rulemaking and pipeline development in Chile and Ghana and additional developments across Asia-Pacific jurisdictions.
Sustainable Aviation Fuel credits:
- SAF retirements picked up pace in March, with tonnes of SAF linked to credit retirements up 22% month‑on‑month as activity rebounded from February and sharply higher than the same period last year.
This market update is produced using select data, commentary and insights as available in full to our Carbon Intelligence Package subscribers. Learn more here.
