

Carbon markets
Overview
Argus carbon markets services provide essential insight into global industry trends, policy changes, and regulatory developments. They include access to analysis and price for the green markets assessments, including renewable energy certificates, voluntary carbon credits, CO2 permits, EU Emissions Trading systems (ETS), SO2 and NOX.
Key markets covered
- Europe
- EUA (EU ETS allowances)
- CER (certified emission reductions)
- ERU (emission reduction units)
- US & Canada
- RECs (renewable energy certificates)
- Carbon markets for California, RGGI (Regional Greenhouse Gas Initiative), and Canada
- California and Oregon LCFS (low-carbon fuel standard)
- Biofuel RINs (renewable identification numbers)
- SO2 and NOX
Latest carbon markets news
Browse the latest market moving news on carbon markets.
German climate fund draws interest from Africa
German climate fund draws interest from Africa
Berlin, 18 March (Argus) — The €100bn climate action allocation in Germany's proposed €500bn infrastructure fund is a "very strong signal" which could help Africa with the huge challenges the continent faces in mobilising private capital, delegates heard at the German-African Energy Forum in Berlin this week. Germany's €100bn climate fund "couldn't come at a better time", Johannesburg-based Africa Investor Group chief executive and chairman Hubert Danso said, given South Africa's presidency of the G20 and the presidency's focus on reducing the cost of capital for developing countries through the planned set-up of a "cost of capital commission", which Danso said is addressing the "unjustified" premiums paid by developing countries. Germany's budget allocation could "fold into" the work of the G20 and the run-up to the UN Cop 30 climate summit in Belem, Brazil, later this year, Danso suggested. Michael Kellner, junior minister at the economy and climate ministry of Germany's outgoing government, told delegates that the multi-billion euro package will provide "much more finance for fighting climate change". Kellner, a member of the Green Party which lost the election but was instrumental in pushing through the €100bn allocation, said that the finance will also be used outside Germany. He pointed to Germany's "flagship" green hydrogen import scheme, H2Global, which is likely to see more co-operation with Africa. Kellner flagged the "impressive" production of green iron in Namibia, which could be of interest to German carmakers. "We will be watching [the €100bn climate allocation] closely," Danso told Kellner and representatives from Germany's development ministry. The main challenge, and opportunity, is to make developing countries' nationally determined contributions (NDCs) to the Paris climate agreement more "investable", Danso said. The next round of NDCs, to be submitted this year, must become more "strategic" and "programmatic", Danso urged. In this context, NDCs can drive carbon markets by opening up collaborative approaches, consultant CarbonWise founder and chief executive Toni Heigl told delegates. If a country decides to exceed its NDC, for instance by pushing certain activities that are dependent on external funds, this "helps to trigger the funding", Heigl said. Carbon markets offer "vast" opportunities in Africa, especially the schemes under Article 6 of the Paris deal, Heigl said. With the final Article 6 rules passed at Cop 29 last year , most companies still "underestimate" the potential of these carbon markets, Heigl said, despite Article 6 credits being "8-10 times" more valuable than those under the voluntary carbon market. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
NWE HVO paper trade at record high on mandates, policy
NWE HVO paper trade at record high on mandates, policy
London, 18 March (Argus) — Higher mandates and policy changes are poised to continue to support Northwest Europe HVO paper market liquidity, after a record high of 42,000t of hydrotreated vegetable oil (HVO) Class II Ice futures contracts was traded on 14 March. HVO Class II fob ARA trading activity on the Intercontinental Exchange (Ice) rose as European fuel suppliers increasingly seek renewable diesel made from used cooking oil (UCO) to meet higher mandates and overcome the 7pc restriction for blending conventional methyl ester biodiesel into diesel. The total traded volume for the first two weeks of March (1-14) was 120,000t, close to the previous full-month high in January of 138,000t (see chart). The Ice contract — a cash-settled future that settles based on Argus spot price assessments — launched in 2022 as both a differential to Ice low sulphur gasoil and outright, with the former most commonly traded. Physical HVO interest has been more measured through the beginning of 2025, although spot trade rose year on year. Changes to key biofuels policies in Germany and the Netherlands are expected to support overall demand and anticipation of this has supported HVO paper liquidity. Germany has paused the carryover of surplus tickets that would otherwise go towards meeting its greenhouse gas (GHG) savings quota, meaning obligated parties will have to use more physical biofuels to meet mandates, while the Netherlands has limited the amount of tickets allowed to be carried from year to year, driving a similar dynamic. The start of the year is often a slower physical trading period in northwest Europe as market participants look to finish off compliance submissions for the previous year. Anticipating changes to ticket carryover policies, some physical biofuels were stored in tank to be used at the start of the year, particularly in Germany, suppressing prompt demand. Class II HVO has also been affected by high feedstock prices, which have pressured production margins, and strong imports from east of Suez. Ticket values in Germany and the Netherlands have been below the equivalent cost of blending physical Class II HVO, further limiting demand. In the Dutch market HBE-IXB prices have been pressured by supply of UCO-based sustainable aviation fuel (SAF) blends, which generate 2.4 HBEs per GJ as per the biofuel portion, while German ticket prices have been affected by lower diesel demand and a focus on finishing off 2024 balances. The prompt/front-month price spread for Class II, which gives an indication of the prompt market's strength or weakness, has been volatile for the past month according to Argus assessments (see chart). The spread flipped into contango for the first week of March following a supply surge which weighed on European prices , then returned to backwardation as HVO prices tracked UCO and UCO-based biodiesel prices higher. Prompt UCO prices have in turn been supported by tighter global supply following a protracted export ban from Indonesia, which is still expected to be temporary, contributing to the forward curve backwardation. HVO paper trading on 14 March focused on the upcoming three months. An April/May spread traded at $10/t ($1,055/t, $1,045/t) for 5,000t/month, or 10,000t total, a May/June spread traded at $5/t ($1,045/t, $1,040/t) for 13,000t/month, or 26,000t total, and a second quarter contract traded at $1,065/t for 2,000t/month, or 6,000t total. All of the trades were as premiums to front-month Ice gasoil. By Simone Burgin HVO Class II AOM and Ice monthly totals t HVO Class II fob ARA range prompt and month 1 t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australian carbon credit supply rises in February
Australian carbon credit supply rises in February
Sydney, 18 March (Argus) — Australian Carbon Credit Unit (ACCU) supply rose in February on the back of strong issuances from vegetation methodologies, with environmental market investor GreenCollar receiving the highest volume during the month. A total of 1.24mn ACCUs were issued in February, up from 834,541 in January, according to data released by the Clean Energy Regulator (CER). Vegetation methods accounted for 1.11mn, or nearly 90pc of the total, up from 60pc in January and the highest share over reported periods in recent years. The CER previously released fortnight data but switched to monthly figures in 2025, with no comparable monthly data before then. But quarterly data from as early 2019 show the highest share of vegetation issuances at nearly 78pc in the fourth quarter of 2022 ( see chart ). GreenCollar's subsidiary Terra Carbon received 303,681 ACCUs last month from human-induced regeneration (HIR) and avoided deforestation (AD) methods, by far the highest volume among individual developers. ACCUs from waste methods made up just 5pc of all issuances in February, at 61,642 units, the lowest share over reported periods in recent years. The lowest share for any quarter since 2019 was around 13pc in the second quarter of 2020. CER's latest data show 2.07mn of issuances in the first two months of 2025. The regulator recently said it expects to issue between 19mn-24mn ACCUs in 2025 , up from the record high of 18.78mn in 2024 . ACCU generic (No AD) spot prices started February just above A$35 ($22.24) and ended the month at A$33.50, given lower ACCU buying interest from safeguard companies and strong issuances of safeguard mechanism credit units. By Juan Weik ACCU issuance by method type (mn) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Japan's JAL, Airbus join Japanese biofuel joint venture
Japan's JAL, Airbus join Japanese biofuel joint venture
Tokyo, 18 March (Argus) — Japan Airlines (JAL) and European aircraft manufacturer Airbus have joined a Japanese joint venture to produce bioethanol from domestic woody material, for use as a feedstock for sustainable aviation fuel (SAF). Joining the project will help JAL meet its target of replacing 10pc of its conventional jet fuel with SAF by 2030, JAL announced on 17 March. It will also help Airbus to achieve its net zero emissions goal by 2050. JAL will build supply chains of biofuel to support the project, and Airbus will help obtain international certification for the woody material-based fuel as SAF. The project was originally proposed in February 2023 by Japanese paper producer Nippon Paper Industries, trading house Sumitomo and domestic biorefinery venture Green Earth Institute. The companies agreed in February 2025 to set up a joint venture, Morisora Bio Refinery , to push forward with a plan to develop domestic SAF supply chains. The companies plan to launch the joint venture in March and start producing bioethanol from local wood chips at Nippon Paper's Iwanuma Mill in the country's northeastern Miyagi prefecture in 2027. Commercial operations are scheduled to begin by around 2030. Morisora will supply bioethanol mainly for SAF production, with expectations that it will be also used in gasoline blending, fuel cells, cosmetics and chemical feedstock. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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