Offset Pricing Monthly Market Digest – May 2023

by Derek Six | June 7, 2023


Monthly Market Digest May 2023

Offset Supply Information:

All CCOs issued to date: 247.81 million

CA and General Market Commentary:

  • On May 26th, ARB announced the results of the second quarterly allowance auction of 2023. Current vintage CCAs cleared at $30.33 with a bid to cover ratio of 1.75.
  • On June 14th, there will be a workshop entitled “Joint California-Quebec Public Workshop: Potential Amendments to the Cap-and-Trade Program”. This will be an interesting workshop to watch as CA and QC will potentially discuss amendments to align the program with CA’s increased climate ambitions.
  • Issuances of CCOs in May totaled 2,390,563. The table below continues to track a trend of significantly lower CCO issuances versus prior years:

May 2023 Issuances


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