Insights / CBAM
CBAM Certificates: When They Go on Sale, the 2026 Price and the Quarterly Holding
When can CBAM certificates be bought, how is the 2026 price set, and how many must be held each quarter?
Certificates go on sale on 1 February 2027 (Article 20(1)). Certificates for 2026 emissions are priced at the quarterly average EU ETS price of the quarter of import (Article 21(1a)). There is no quarterly holding for 2026; from 2027 the account must cover at least 50 percent of the emissions embedded in goods imported since the start of the year at each quarter end (Article 22(2)).
What the act says
- Article 20(1): Sale of CBAM certificates starts on 1 February 2027.
- Article 21(1a): For 2026 emissions the price is the average of the EU ETS auction prices of the calendar quarter in which the goods were imported.
- Article 22(2): From 2027, at the end of each quarter, certificates on the account cover at least 50 percent (not 80) of the embedded emissions of the year so far.
- Article 36(2)(c): The quarterly holding applies from 1 January 2027, so there is none for 2026 imports.
What to do
- Budget 2026 emissions at the quarterly ETS average of each import quarter.
- From 2027, buy enough certificates each quarter to cover half of the year-to-date embedded emissions.
Sources
- Regulation (EU) 2023/956 (CBAM), consolidated text (CELEX 32023R0956)
- Regulation (EU) 2025/2083 amending the CBAM Regulation (CELEX 32025R2083)
Last checked against the act text on 2026-10-20. For information only, not legal advice.