Global Environmental Markets Update - March 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.

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Highlights for March

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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.
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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.
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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.
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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.
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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.

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This market update is produced using select data, commentary and insights as available in full to our Carbon Intelligence Package subscribers. Learn more here. ‍