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A CBAM certificate is a digital token equivalent to 1 tonne of CO₂ emitted during the production of the imported goods. It has the same price as an EU ETS allowance. The price of an EU ETS allowance can be monitored on the following page:
https://tradingeconomics.com/commodity/carbon
At the time of writing this page, the price stands at 92.03€. This price fluctuates and depends entirely on the market. The competent authorities do not control or influence this price. For 2026, since it will not yet be possible to actively purchase certificates directly to compensate for imports, quarterly averages will be provided by the Commission according to the following rule:
- Q1 2026: Price calculated on Monday, 6 April 2026, based on the average for the period 01/01/2026 – 31/03/2026
- Q2 2026: Price calculated on Monday, 6 July 2026, based on the average for the period 01/04/2026 – 30/06/2026
- Q3 2026: Price calculated on Monday, 5 October 2026, based on the average for the period 01/07/2026 – 30/09/2026
- Q4 2026: Price calculated on Monday, 4 January 2027, based on the average for the period 01/10/2026 – 31/12/2026
Certificates may be purchased as from 1 February 2027. From that point onward, they may be purchased at any time, and the price will be determined as the average EU ETS price of the previous week. The price will be published on Monday and will take effect on Tuesday.
Starting in 2027, importers will also be required to hold at least 50% of the necessary certificates at the end of each quarter
The general formula for calculating the number of CBAM certificates to be surrendered is as follows:
Embedded emissions refer to the emissions generated during the manufacturing of the goods. A distinction is made between real emissions and default values. Real emissions can be used when the actual emissions have been verified. More information can be found in the sections Monitoring and Verification. If real values are not available, default values must be used; these have been determined by CN code and by country.
A mark-up is added to these default values to encourage the use of real values.
The default values were calculated based on data collected during the transitional phase and using established databases.
They can be found in the following document: https://taxation-customs.ec.europa.eu/document/download/73384a08-2d42-4af9-b6c1 fc1ca076733e_en?filename=Annex%20to%20IA%20Default%20Values_0.pdf
Default values have been defined based on the most frequently used production route in each country, which must also be applied when determining the benchmarks. The last column, titled “Underlying production route determining CBAM Benchmark”, identifies the reference production route to be used.
An example of a default value looks as follows:
Here is an example:
For Azerbaijan, all CN codes starting with 7205 falls under benchmark (E), which corresponds to a value of 0.027. For China, the applicable benchmark is (C), corresponding to a value of 1.288.
- Default values of Azerbaidjan
- Default values of China
The mark-up for all sectors except electricity and fertilisers is as follows:
The mark‑up for fertilisers has been set at 1% for the time being. It will be re‑evaluated no later than the end of 2027.
As a reminder, aluminium, iron and steel do not include indirect emissions in their calculation, whereas fertilisers and cement do.
Emissions covered by free allocation” correspond to the CBAM benchmarks and their gradual reduction in line with the phase‑out of the CBAM factor. The benchmarks reflect the average production emissions of the 10% most efficient European installations for each CN code. For certain codes, no local (EU) production exists; in such cases, assumptions were made to determine the benchmark values. Since different production methods exist, different benchmark values have been defined. In the final report, the production route must be indicated. If no route is specified, the least favourable route will be selected by default.
In the implementing act, examples of benchmarks look as follows:
Column A: Process related benchmark.
Column B: Default CBAM Benchmarks (to be used).
The CBAM factor will be gradually reduced, with a complete phase‑out by 2034.
The Cross‑sectoral Correction Factor (CSCF) originates from the EU ETS and is intended to ensure that the total number of free allocations does not exceed the existing ETS cap. It is set at 100% for 2026, but it may change in the future.
Emissions covered by carbon pricing refer to a domestic carbon price applied in the country where the goods are produced. If the producer can provide evidence that a carbon tax or carbon price has been paid, the amount paid may be deducted from the final CBAM cost. A delegated act will be published soon to define default carbon prices for certain countries or regions. These default values will be automatically applied when calculating the final CBAM price.
After determining the number of certificates to be purchased to compensate for the emissions associated with the goods produced, the next step is to purchase the certificates:
The price of a CBAM certificate is equivalent to the price of an EU ETS allowance. The price of an EU ETS allowance can be monitored on the following page: https://tradingeconomics.com/commodity/carbon
Certificates may be purchased as from 1 February 2027. From that point onward, they may be purchased at any time, and the price will be defined as the average EU ETS price of the preceding week. The price will be published on Monday and will enter into force on Tuesday.
Starting in 2027, importers will also be required to hold at least 50% of the certificates needed at the end of each quarter.
Example:
We also currently recommend using a tool made available by the French authorities for the calculation. This calculator tool gives an estimation. This tool is intended for informational purposes only and does not engage the liability of the French Government services: https://www.ecologie.gouv.fr/politiques-publiques/mecanisme-dajustement-carbone-aux-frontieres-macf