Finance
CBAM certificates
How CBAM certificates are priced, purchased, held, and surrendered against declared embedded emissions under the definitive regime.
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Direct answer
A CBAM certificate is a digital instrument an authorised declarant buys from the central CBAM platform at a price linked to the weekly average EU ETS allowance price. Each certificate corresponds to one tonne of CO2e embedded emissions. Declarants surrender certificates against their verified annual declaration; an adjustment is made for carbon price effectively paid in the country of origin.
How certificates are priced
The certificate price for each week equals the average closing price of EU ETS allowances on the common auction platform for that calendar week. The Commission publishes the price.
Certificate lifecycle
SourcesFrom weekly pricing through to surrender and the Commission's repurchase of excess certificates.
Regulation (EU) 2023/956, Articles 20 to 23
Purchase and holding
Authorised declarants buy certificates on the central CBAM platform. A minimum holding rule applies during the year so the declarant accumulates certificates broadly in line with imports. Excess certificates may be repurchased by the Commission within the limits set in the Regulation.
Surrender against the annual declaration
By 31 May each year the declarant surrenders certificates equal to the verified embedded emissions reported in the annual declaration for the previous year, less any adjustment for carbon price effectively paid in the country of origin.