Platts proposes to maintain Platts CEC as Phase 1 until Jan 2028; launch Phase 2 assessments

Platts, part of S&P Global Energy, proposes that Platts CEC -- its price assessment for CORSIA-eligible carbon credits -- will continue to reflect credits eligible for delivery under Phase 1 of the scheme until Jan. 31, 2028.

Platts CEC (PCECA00) and Platts CEC Yr01 (PDCEC00) reflect carbon credits eligible for the International Civil Aviation Organization's Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) program. The first phase of the program covers emissions from flights between states that volunteer to participate in CORSIA, and runs from 2024 to 2026, although parties can continue to retire eligible credits until Jan. 31, 2028.

From 2027, all international flights will be subject to offsetting requirements, with some exceptions, as the scheme moves into Phase 2.

Under this proposal, Platts CEC -- which reflects credits for delivery in the current calendar year -- would continue to reflect the market value of Phase 1-eligible CORSIA credits until the end of the compliance period in January 2028. This proposal considers market feedback, as well as observed trading conditions and market data collected by Platts, indicating that trade of Phase 1-eligible credits will continue until the retirement deadline.

CORSIA Phase 2 assessments

Simultaneously, Platts invites feedback on a proposal to launch parallel assessments for Phase 2 CORSIA-eligible credits, effective Nov. 2, 2026. These assessments would meet ICAO requirements for Phase 2-eligible credits, and specifications would otherwise match those for the existing Platts CEC and CEC Yr01 assessments, namely reflecting trades of 20,000-100,000 metric tons of CO2 equivalent in the over-the-counter market. This would allow for a direct comparison between CORSIA Phase 1 and Phase 2.

Platts would publish two separate assessments: one for Phase 2 credits for delivery in the remainder of 2026 and 2027 (current year) and one for the year-forward delivery (2028).

Platts would also publish two calculated spreads, showing the discount or premium for Phase 2 CORSIA-eligible credits compared with Phase 1 credits for current-year delivery and for one-year forward delivery.

In the event of crossover of credit eligibility between the two phases, Platts would consider information for both assessments, but the assessments would continue to reflect the most competitively-priced, fully eligible credits for either Phase 1 or Phase 2 of CORSIA, respectively.

The ICAO registry and methodology limits are set out here: https://www.icao.int/CORSIA/corsia-eligibleemissions-units.

Platts proposes that from Feb. 1, 2028 -- once the final deadline for retirement of Phase 1 credits has passed -- the existing Platts CEC and CEC Yr01 assessments would reflect Phase 2 CORSIA-eligible credits. At this time, the proposed standalone Phase 2 assessments (current year and one year forward) and the calculated spreads would be discontinued.

Forward Year Delivery Assessments

Considering the above, Platts also proposes the following approach for its one-year forward delivery assessments.

• In 2027, Platts CEC Yr01 assessment (PDCEC00) would continue to reflect Phase 1 credits, for delivery in January 2028 only, considering the deadline for retiring credits.
• From Jan. 3, 2028, Platts CEC Yr01 would be suspended, given that Phase 1 credits cannot be retired in 2029.
• Publication of Platts CEC Yr01 would resume on Feb. 1, 2028, when it would reflect Phase 2 credits for delivery in 2029, aligning with the roll logic described above.

Below is a summary of the key milestone dates as part of this proposal:

Please send all feedback, comments and questions to platts_carbon@spglobal.com and pricegroup@spglobal.com, by Aug. 24, 2026.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.