Platts to launch Phase 2 CORSIA-eligible credit assessments, Nov 2; maintain Platts CEC as Phase 1 until Jan 2028

Platts, part of S&P Global Energy, will launch price assessments for Phase 2 CORSIA-eligible credits, effective Nov. 2, 2026.

These assessments will reflect the value of credits eligible for Phase 2 of the International Civil Aviation Organization's Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) program.

The first phase of the program has covered 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.

Platts will 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). The assessments will reflect volumes of 20,000-100,000 metric tons of CO2 equivalent in the over-the-counter market.

Platts will 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.

These new assessments are part of Platts' plan to expand and evolve its overall coverage of CORSIA as the scheme rolls from Phase 1 to Phase 2. Details can be found in the proposal published on July 15, 2026, available here.

A summary of the new assessments launching on Nov. 2 is as follows:

• Platts CEC (Phase 2) $/mtCO2e
• Platts CEC (Phase 2) Yr01 $/mtCO2e
• Platts CEC (Phase 2)/Platts CEC CY Spread $/mtCO2e
• Platts CEC (Phase 2)/Platts CEC Yr01 Spread $/mtCO2e

Platts will also publish euro conversions and monthly averages for these assessments.

Platts CEC and Phase 1

The Phase 2 assessments and spread calculations will sit alongside Platts CEC (PCECA00) and Platts CEC Yr01 (PDCEC00) assessments, which will continue to reflect credits eligible for delivery under Phase 1 of the CORSIA until Jan. 31, 2028.

In the event of crossover of credit eligibility between the two phases, Platts would consider information for both assessments, but the assessments will 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.

Phase 1 to Phase 2 Roll

From Feb. 1, 2028 -- once the final deadline for retirement of Phase 1 credits has passed -- the existing Platts CEC and CEC Yr01 assessments will roll to reflect Phase 2 CORSIA-eligible credits.

At this time, the stand-alone Phase 2 assessments (current year and one year forward) and the current year calculated spreads (mentioned above) will be discontinued. The Yr01 calculated spread will be discontinued on Jan 3, 2028,

Forward Year Delivery Assessments

Platts is also confirming its approach for its one-year forward delivery assessments.

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

Below is a summary of the key milestone dates:

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