According to the summary record of the 15 June Climate Change Committee meeting, the Commission has proposed dropping all quality criteria for CORSIA Phase 1 eligible emission units (EEUs), a move that would reopen the full ICAO-eligible basket for EEA airlines through the January 2028 compliance deadline. Phase 2 criteria would remain in place, with Paris Agreement Crediting Mechanism (PACM) positioned as the preferred pathway. The revised approach is still subject to Member State opinion ahead of an autumn vote. ICE CORSIA Phase I Dec-26 rebounded 23.5% off its June low to USD 11.30/t on 15 July, on the heaviest volume since mid-June: the 14 July session traded 100,000 lots, twenty times the previous day. Tomorrow, the Commission is due to state whether the “stop-the-clock” derogation will be lifted. We expect it to propose restarting the clock, but read the 15 June retreat as a hedge that keeps CORSIA workable if the proposal stalls in legislator negotiations.
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