by Derek Six | December 8, 2025
Updates for the period ending November 30, 2025
| .CCO 8s-Non-DEBs | Bid 15.40 | Ask 15.50 |
| .CCO 8s-DEBs | Bid 25.15 | Ask 25.25 |
CCO 8s are ARB-issued offsets available for spot delivery and subject to 8 years during which they may be invalidated.
| .CCO 3s- Non-DEBs | Bid 15.50 | Bid 15.60 |
| .CCO 3s- DEBs | Bid 25.20 | Bid 25.40 |
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.
| .CA Compliance Allowances | Bid 29.93 | Ask 29.97 |
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.
| .CA Floor Price 2026 | 27.94 |
The minimum price at which entities can purchase allowances in 2025.
| .Estimated CA floor price 2027 | 30.15 |
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 2026 increases by 5% annually plus CPI-U).
(Bid/Ask Prices are taken from multiple broker quotes for the period ended November 30, 2025. The 2025 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: 282.73 million
CA and General Market Commentary:
- On December 1st, the California Air Resources Board released the 2026 Auction Reserve prices. During 2026, $27.94 will be the minimum clearing price for auctions. This reflects a 5% annual increase plus CPI-U of 3.01%.
- The November quarterly allowance auction cleared at $28.32 for current vintages, a $0.44 drop from August’s clearing price.
- Issuances of CCOs in November totaled 1,207,096. 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. Since 2021, issuances had generally been on a downward trajectory, but 2025 issuances have spiked:
| .Year | Total Issuances YTD |
| .2021 | 16,995,263 |
| .2022 | 11,114,131 |
| .2023 | 11,361,296 |
| .2024 | 9,631,370 |
| 2025 | 14,979,803 |
ClimeCo is an award-winning leader in decarbonization, empowering global organizations with customized sustainability pathways. Our team of respected scientists and industry experts collaborates with companies, governments, and capital markets to develop tailored ESG and decarbonization solutions. Recognized for creating high-quality, impactful projects, ClimeCo is committed to helping clients achieve their goals, maximize environmental assets, and enhance their brand. Partner with ClimeCo to drive meaningful environmental change and take your climate initiatives to new heights.
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