The EU ETS in four numbers
Each figure links to the European Commission page it comes from.
- ~40%of EU greenhouse gas emissions are covered: power and heat, industry, aviation and, since 2024, maritime transportEuropean Commission, About the EU ETS
- 62%cut in emissions from covered sectors by 2030 compared with 2005, after the 2023 reformEuropean Commission, EU ETS cap
- 31 Mardeadline to submit the verified emissions report for the previous yearEuropean Commission, Monitoring, reporting and verification
- 30 Sepdeadline to surrender allowances in the Union Registry for the previous year’s emissionsEuropean Commission, Monitoring, reporting and verification
Who must comply
- Installations in electricity and heat generation and industrial manufacturing in the EU, Iceland, Liechtenstein and Norway.
- Aircraft operators (since 2012) and shipping companies (since 2024; cargo and passenger ships of 5,000 gross tonnage or more).
- Fuel suppliers for buildings and road transport join a separate system, ETS2, which becomes fully operational in 2028.
Compliance calendar
- Year N: monitor emissions under the approved monitoring plan.
- By 31 March of N+1: submit the emissions report checked by an accredited verifier.
- By 30 September of N+1: surrender allowances equal to verified emissions in the Union Registry.
- Shipping: verified emissions must be marked as verified in the Union Registry by 1 April.
Where the price comes from
- Primary market: EEX auctions EUAs almost every working day for 25 Member States, the EEA countries, Germany and Poland.
- Secondary market: EUAs trade spot and as futures between companies, banks and traders; the December futures contract is the most watched benchmark.
- Supply control: the Market Stability Reserve removes allowances from auctions when the surplus is high.
Which EUA price should you use?
Several official and market prices describe the same allowance. They answer different questions, so check the date and source of any figure you use in a budget.
| Price | What it measures | Published by | How often |
|---|---|---|---|
| Auction clearing price | The single price paid by all successful bidders in a primary auction (sealed bid, uniform price). | EEX, the auction platform | After each auction, around 11:00 CET |
| Spot and December futures | The price at which EUAs trade between companies, banks and traders for immediate or future delivery. | Secondary market (exchanges and brokers) | Continuously during trading hours, with a daily settlement price |
| CBAM certificate price | The volume-weighted average of EU ETS auction clearing prices, used to price CBAM certificates for imports. | European Commission | Quarterly in 2026, weekly from 2027 |
| Article 29a six-month average | The average allowance price over the previous six months, used to check for excessive price rises. | European Commission | Monthly |
For budgets and CBAM, use the dated official figures in the box at the top of this page. The market price moves continuously, so for a firm, up-to-date price on a purchase, ask us for a quote.EC, Auctioning (Art. 29a) · EC, Price of CBAM certificates
What changes in 2026 and next
The 2023 reform is now in full effect, and new proposals are on the table. These are the changes that move demand and costs.
CBAM goes live
The Carbon Border Adjustment Mechanism applies in its definitive regime from 1 January 2026. Importers buy CBAM certificates priced from EU ETS auction prices; certificate sales on the central platform start in February 2027.
Free allocation starts to fall
For CBAM sectors such as cement, steel, aluminium and fertilisers, the CBAM factor keeps 97.5% of free allocation in 2026 and reduces it to zero by 2034. In July 2026 the Commission proposed a slower phase-out ending in 2038, which is now under negotiation.
Shipping reaches 100%
Shipping companies surrender allowances for 70% of their 2025 emissions by 30 September 2026, and for 100% of emissions from 2026 onwards. Methane and nitrous oxide are covered from 2026.
Tighter cap
The cap falls by 4.3% a year in 2024–2027 and 4.4% from 2028, with a one-off reduction of 27 million allowances in 2026.
ETS2 from 2028
Carbon pricing for fuels used in buildings and road transport was postponed by one year and becomes fully operational in 2028.
Policy debate
Some governments are asking for temporary relief, and leaders meet at the European Council on 15–16 October 2026. Any change to the rules needs legislation.
How to buy EUAs with ClimateTrade
One team handles your request from the first estimate to delivery in your Union Registry account.
- 01
Share your needs
Tell us how many allowances you need, by when, and the Union Registry account they should go to.
- 02
Choose your timing
Buy the full volume at once or spread your purchases over several dates before the surrender deadline.
- 03
Receive a written quote
We confirm volume, price and delivery date in writing before you commit.
- 04
Delivery to your account
We buy the EUAs at the best available price for you and deliver them to your Union Registry account.
- 05
Surrender on time
Surrender the allowances in the Union Registry by 30 September. We can plan next year’s purchases with you.
Our team works in English and Spanish from Miami (headquarters) and Valencia (European office).
EU ETS and EUA prices: frequently asked questions
Short answers based on European Commission sources. For your own position, talk to our team.
What is the EU carbon price today?
EUAs trade continuously, so the market price changes during the day. As official references, the European Commission set the CBAM certificate price for Q3 2026 at €82.32 (published 5 October 2026), and the average EUA price for April–September 2026 at €78.93 (Article 29a indicator for October 2026). For a firm, up-to-date price for your purchase, ask ClimateTrade for a quote.
Why is the auction price different from the futures price?
The auction price is set once per auction by sealed bids for spot delivery. Futures trade continuously and include the cost of carrying the allowance to a later delivery date, so the December contract usually trades at a small premium to spot.
When must allowances be surrendered?
By 30 September each year, for the emissions of the previous year. The verified emissions report is due by 31 March. These dates have applied since the 2023 reform of the EU ETS Directive.
How is the CBAM certificate price linked to the EUA price?
The Commission calculates the CBAM price as the volume-weighted average of EU ETS auction clearing prices: quarterly in 2026 (€75.36 for Q1, published 7 April; €75.28 for Q2, published 6 July; €82.32 for Q3, published 5 October 2026) and weekly from 2027.
What is the Market Stability Reserve?
A mechanism that adjusts auction supply. When the total number of allowances in circulation is above 1,096 million, 24% of it is withdrawn from auctions over 12 months, with a specific rule between 833 and 1,096 million. Below 400 million, 100 million allowances are released.
Who can buy EUAs?
Any company with an account in the Union Registry can hold and surrender allowances. Auctions are open only to eligible bidders, such as covered operators and authorised investment firms, so most companies buy on the secondary market through a provider such as ClimateTrade.
When does ETS2 start?
ETS2 covers fuels for buildings, road transport and additional sectors and becomes fully operational in 2028, after a one-year postponement agreed in December 2025. Regulated entities will surrender allowances by 31 May of the following year.
How can I buy EUAs with ClimateTrade?
Tell us the volume, timing and your Union Registry account. We send a written quote, buy the EUAs at the best price for you, if you wish over several dates, and deliver them to your Union Registry account. Contact our team.
Plan your EU ETS purchases with ClimateTrade
Tell us your volume and deadline. We will come back with a written quote, buy at the best price for you and deliver the EUAs to your Union Registry account.
Get an EUA quote