by Derek Six | November 5, 2025
Updates for the period ending October 31, 2025
| .CCO 8s-Non-DEBs | Bid 13.65 | Ask 13.75 |
| .CCO 8s-DEBs | Bid 25.10 | Ask 25.30 |
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 13.75 | Bid 13.85 |
| .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 31.70 | Ask 31.80 |
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 2025 | 25.87 |
The minimum price at which entities can purchase allowances in 2025.
| .Estimated CA floor price 2026 | 27.90 |
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 October 31, 2025. The 2025 CA Floor Price is the regulatory minimum auction price for allowances. The 2026 estimate is based on regulatory rules and ClimeCo’s assumption of inflation in 2025 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: 281.52 million
CA and General Market Commentary:
- The California Air Resources Board held its first Cap-and-Invest workshop on October 29. Slides from the workshop are available here: Cap-and-Invest Workshop October 2025. This is the first rulemaking following last month’s extension of the program through 2045.
- One key item to address in the rulemaking is the process by which allowances will be removed from the cap when offsets are surrendered. Prior to the new legislation, offsets did not impact the availability of allowances, but going forward, each offset surrendered must be matched with one allowance removed from the cap.
- Issuances of CCOs in October totaled 2,646,356. 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 have generally been on a downward trajectory, but a single large forestry project issuance in February 2025 of 3.6M credits has skewed the data substantially:
| .Year | Total Issuances YTD |
| .2021 | 15,173,908 |
| .2022 | 10,860,628 |
| .2023 | 10,825,338 |
| .2024 | 9,146,124 |
| 2025 | 13,772,707 |
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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