Offset Pricing Monthly Market Digest – July 2026

by Derek Six | August 7, 2026

Updates for the period ending July 31, 2026

CCO 8s are ARB-issued offsets available for spot delivery and subject to 8 years during which they may be invalidated.

CCO 3s are ARB-issued offsets available for spot delivery and subject to 3 years during which they may be invalidated. The reduction to 3 years is achieved by having a different verifier successfully verify the project the following year.

Allowances are the permits entities purchase to emit in CA. Entities can substitute offsets for up to 4% of their total emissions. Prices shown are for the front-month futures contract.

The minimum price at which entities can purchase allowances in 2026.

Allowances are the permits entities purchase to emit in CA. Entities can substitute offsets for up to 4% of their total (the minimum price at which entities can purchase allowances in 2027 increases by 5% annually plus CPI-U).

(Bid/Ask Prices are taken from multiple broker quotes for the period ended July 31, 2026. The 2026 CA Floor Price is the regulatory minimum auction price for allowances. The 2027 estimate is based on regulatory rules and ClimeCo's assumption of inflation in 2026 as measured by the CPI-U index. Green numbers indicate positive changes during the month, red numbers indicate negative changes during the month, and black numbers are unchanged.)

Offset Supply Information:

All CCOs issued to date: 291.32 million

CA and General Market Commentary:

• Issuances of CCOs in July totaled 732,825. We are watching the issuance trends as compared to the same period in previous years to gauge the future available supply of DEBs and Non-DEBs offsets. Issuance volumes so far this year are historically low:

*Issuance volumes shown are gross volumes and do not reflect credits set aside in the forest buffer pool.

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