New registries approved for CORSIA Phase I: A market flood without a big splash

The International Civil Aviation Organization (ICAO) has expanded the compliance options under CORSIA Phase I, allowing more registries to provide carbon credits for airlines’ offsetting requirements. However, while this approval adds to the available supply, it is unlikely to create an immediate surge, as only a limited number of projects have the required host country’s authorisation. In the futures market, the suspension of Dec-24 CORSIA credits due to low open interest contrasts with gradually rising open interest in Dec-25 futures. Despite a price increase of 44% this year, trading remains thin, indicating a tentative commitment from participants.