Research & Analysis
Institutional-grade research, regulatory analysis, and market commentary for environmental commodity professionals.
Q1 2026 Environmental Markets Report
In Q1 2026, EUA prices closed at ~EUR 72; MSR intake of 275.5M allowances is the largest since 2021. VCM retirements hit a record 182M tonnes in 2024; CCP-labeled credits exceeded 40M. CBAM definitive phase launched January 1, 2026. Turkey's Climate Law adopted July 2025; TR-ETS pilot active in 2026-2027.
How VCU Settlement Works: From Registry Transfer to Retirement
A comprehensive guide to VCU settlement mechanics for institutional traders coming from traditional commodities. Covers the OTC transaction lifecycle, Verra Registry transfer process, retirement mechanics, and key differences from traditional commodity settlement.
Nature-Based VCU Vintage and Quality Spreads at Record Levels: Removal Premium Hits 381%
Nature-based VCU vintage premiums reached 217% in 2024 (up from 53% in 2023), while the removal-vs-reduction premium hit 381% (up from 245%). High-quality ARR credits reached USD 24/tCO2e by September 2025, while REDD+ averaged USD 2.70. ICVCM approved ~38 methodologies, Verra market share fell to 28%, and an unretired pool of ~1 billion tCO2e weighs on the market.
EUA Auction Volumes Signal Tighter Q1 Supply as MSR Intake Accelerates
Q1 2026 EUA auction volumes fell ~8% to ~184M versus Q1 2025. MSR intake for Sep 2025-Aug 2026 at 275.5M allowances — the largest since 2021. Price support dynamics and market positioning ahead of April surrender.
ECM Market Brief: February 2026
February 2026 environmental commodity markets recap — EUA, voluntary carbon, energy attribute certificates, and regulatory developments.
Energy Attribute Certificates 101: I-REC, YEK-G, and GO for Institutional Buyers
Comparative analysis of I-REC, YEK-G, and European Guarantees of Origin — pricing, settlement mechanics, Scope 2 reporting eligibility, and strategic considerations for institutional buyers.
ICVCM Releases First CCP Methodology Assessments: What Qualifies
ICVCM assessed 147 methodologies in total: ~38 approved for CCP labels, 22 do not meet criteria, 51 in assessment. Over 40 million CCP-labeled credits issued. Removal credits carry a 381% premium over reductions.
VCM 2024 Year in Review: Issuance Dips 5% as Retirements Hit Record Levels
Total VCM credit issuances dipped to ~290 MtCO2e in 2024, while retirements reached a record 182 MtCO2e. Nature-based credit prices traded in the USD 3.50-5.50 range as the ICVCM CCP label began creating visible pricing tiers.
EU ETS 2026 Outlook: Phase 4 Compliance Cycle Opens with EUAs Above EUR 65
As the EU ETS enters the second year of Phase 4, the EUA Dec-26 contract trades at EUR 68. We examine how the 4.3% linear reduction factor, MSR intake of 276M allowances, and CBAM transitional reporting shape the demand side.
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