Forward contracts and compliance demand push prices higher despite falling retirements 168 million credits retired in 2025, with market value up 6% to US$1.04bn, as higher prices offset a 4.5% decline in volumes Forward offtake market surged to US$12.3 billion, more than 12x spot market value, signalling potential for 3x market value expansion High-quality credits (BBB+) made up nearly a third (31%) of retirements and trade at clear premiums with BBB+ ARR credits averaging around US$26 per tonne, versus US$14 for lower-quality supply, leaving top-tier credits in deficit for a…
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