EU CBAM First Certificate Price: €75.36/tCO₂e — Definitive Phase Fully Operational

On 7 April 2026, the European Commission published the first quarterly CBAM (Carbon Border Adjustment Mechanism) certificate price: €75.36 per tonne of CO₂e. This number, derived from the average EU ETS auction closing price across January to March 2026, marks the end of CBAM's two-year transitional phase. Industrial importers into the EU now face binding financial obligations — not just reporting requirements.

What Changed on 7 April

The CBAM transitioned from its reporting-only phase — in which importers were required to file quarterly emissions reports with no financial consequences — into its definitive phase. From Q1 2026 onwards, importers must surrender CBAM certificates corresponding to the embedded carbon in their goods. Each certificate carries the quarterly price, set to mirror EU ETS allowance costs so that imported and domestically produced goods face equivalent carbon pricing.

The Q1 2026 price of €75.36/tCO₂e is directly derived from the weighted average of EU ETS auctions held between 1 January and 31 March 2026. The European Energy Exchange (EEX) provided the auction data. This same calculation methodology will apply to each subsequent quarter.

Schedule and Price Trajectory

Quarterly CBAM prices will be published on fixed dates: 6 July 2026 (Q2), 5 October 2026 (Q3), and 4 January 2027 (Q4). From 2027 onwards, prices will be published weekly, providing importers with more granular cost visibility. The shift to weekly pricing reflects the Commission's confidence in the mechanism's operational infrastructure and its intent to tighten alignment with live ETS market prices.

Sectors in Scope

The definitive CBAM regime covers six sectors: iron and steel, aluminium, cement, hydrogen, fertilizers, and electricity. These were selected for their high carbon intensity and significant trade volumes with countries that lack comparable carbon pricing mechanisms. The Commission has indicated that the scope may expand to additional sectors in future legislative cycles, pending review of the mechanism's effectiveness.

Market Context: ETS Above €70

The first CBAM price announcement coincided with EU ETS futures reaching a seven-week high of €74.8/tonne following the Commission's separate proposal to reform the Market Stability Reserve (MSR). By opting for minimal changes to the MSR — retaining excess allowances as a market buffer rather than cancelling them — the Commission signalled a price-supportive posture. Both developments reinforce a structural floor for EU carbon pricing above €70/tonne.