The definitive period, nine months in
What importers have learned about embedded-emissions data quality from their suppliers, where default values are still being used, and where the certificate cost is actually landing per tonne.
Insights
Short notes on what moves the cost base.
We publish when something changes that a client would have to act on. No market commentary for its own sake.
Pricing a market that does not trade yet
How fuel suppliers and large estates are approaching forward cover ahead of the 2027 start date, and what the price-stability mechanism does and does not guarantee.
FuelEU pooling: a hedge, or a liability?
Compliance pooling transfers intensity surplus and deficit between vessels and owners. We look at how that transferable balance should be priced and contracted.
The withdrawal schedule nobody budgeted for
Free allocation for CBAM sectors steps down annually to zero. We set out what that does to a cement and steel cost base year by year.
Quality screening, written down
What a usable credit-screening standard looks like in practice, and why the rejections matter more to an auditor than the purchases.
Why coverage ladders beat conviction
A layered programme usually underperforms a perfectly timed single trade and comfortably beats a badly timed one. The arithmetic behind that, with the distribution.
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