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40th week CCM 2026. Follow the money. ITMOs and Canada; North American market integration; GHG Protocol; ICVCM and DMRV; finance and environmental demographics
Monday, 05 October 2026.
40th Week Carbon Credit Markets in 2026.
🎸 On the soundtrack of carbon markets.Â
Carbon credits are gaining momentum in North America, with Canada considering a framework to trade ITMOs under Article 6 of the Paris Agreement, while United States subnational markets advance toward integration and show more optimistic outlooks. A report by IETA and OPIS highlights the potential linking of California, Washington, and Québec, Virginia’s return to the RGGI, and projections for CCA prices reaching US$35 - US$40 per tonne by the end of 2026, surpassing participant expectations of US$30 - US$35.
Other highlights include the GHG Protocol’s progress in revising corporate emissions reporting: 84% of the 437 respondents support a framework capable of showcasing decarbonization actions beyond traditional Scope 1, 2, and 3 inventories, while 87% favor an approach based on market-based instruments. Meanwhile, CDP underscores the financial return on environmental action: companies report an average return of US$8 for every US$1 invested, reinforcing the importance of emissions management, environmental transparency, and decarbonization to corporate strategies.
Briefs and opportunities offer fresh perspectives on integrity, ESG, and biodiversity: the ICVCM addresses how DMRV can enhance the integrity and transparency of carbon credits; Vanguard reveals that preference for ESG-focused voting policies is strongest among women and younger investors; and the OECD estimates global biodiversity funding at between US$ 75 billion and US$ 92 billion annually, underscoring the financial dimension of the environmental agenda. Well worth the read!
In addition to a list of relevant events.
Carbon Credits
ITMOs place Canada on the path to expanding into international carbon credit markets.
A statement published on September 24, 2026, by Environment and Climate Change Canada, the federal agency responsible for environmental and climate change policy, announced that the Government of Canada is exploring a regulatory framework for trading Internationally Transferred Mitigation Outcomes (ITMOs). This mechanism, provided for under Article 6 of the Paris Agreement, could enable Canadian companies to participate in international carbon markets and stimulate investment in emission reductions and removals, including through carbon removal technologies and nature-based solutions. According to the government, any carbon credit used as an ITMO must meet Article 6 requirements including additionality, the avoidance of double counting, and robust tracking and accounting processes to ensure that the traded reductions and removals are real, additional, verified, and permanent. Canada also intends to consult with provinces, territories, Indigenous organizations, and other partners on the operationalization of ITMOs and will continue to evaluate policies compatible with a net-zero emissions future, including the potential for international and domestic offset credits.
Report gauges sentiment in North American carbon markets
A joint publication by the International Emissions Trading Association (IETA) and OPIS, a Dow Jones company specializing in pricing and market intelligence, analyzes trends and perceptions regarding U.S. subnational carbon markets for 2026 and 2027. It highlights the prospect of market integration among California, Quebec, and Washington - as we anticipated last March - and Virginia's return to the Regional Greenhouse Gas Initiative (RGGI), the U.S. power sector's regional carbon market. The report also points to the regulatory factors influencing California Carbon Allowance (CCA) prices and driving increased optimism through 2030 and beyond. OPIS projects the CCA December 2026 contract price at between $35 and $40 per ton by the end of 2026, whereas the majority of market participants anticipate a range of $30 to $35 per ton. Most respondents identify Washington as the subnational market with the strongest fundamentals, while post-2030 emissions limits, the linking of the California, Washington, and Quebec markets, and federal climate policy remain key determinants. IETA and OPIS plan to release a more comprehensive report in the first quarter of 2027.
Others Highlights
GHG Protocol moves toward new corporate reporting model with broad market support
The GHG Protocol garnered strong support for the proposed multi-statement emissions reporting framework, outlined in the Phase 1 white paper on Actions and Market Instruments (AMI). In the consultation held between March 31 and June 15, 2026, which gathered 437 valid responses, the results showed that:
84%Â supported or strongly supported the new framework, designed to make visible decarbonization actions that do not always appear in current Scope 1, 2, and 3 inventories;
87%Â advocated for the inclusion of a Market-based GHG Inventory Statement, intended to reflect instruments such as contractual agreements, purchasing decisions, environmental attributes, and certificates;
80%Â supported a GHG Impact Statement, focused on the impacts of projects, interventions, investments, and the production, sale, purchase, and consumption of products both within and outside the value chain;
33%Â favored a statement of indicators not expressed in COâ‚‚e, a proposal that received the least support among participants.
Participants also highlighted challenges regarding methodological maturity, baseline definition, transparency, and the risk of an increased reporting burden. The results will inform Phase 2 of the AMI, reinforcing the move toward a model that keeps distinct accounting logics for corporate climate impacts separate.
Companies See Environmental Returns of Up to 800%: Insights from CDP’s “Disclosure Dividend 2026”
Published a few weeks ago by CDP - a global organization that collects and standardizes corporate environmental data to guide investors, governments, and companies - the “Disclosure Dividend 2026” report reveals that companies disclosing and acting on climate risks achieve significant financial returns, driven by emission-reduction initiatives and strategies aligned with the low-carbon economy. According to the document, “nearly 4,000 companies reported a total of US$3 billion in financial losses as a result of extreme weather,” while environmental actions generate an average return of US$8 for every US$1 invested. Although the report does not directly address carbon credits, it highlights that the transition to a zero-carbon economy creates financial opportunities, reinforcing that emissions management - the foundation for generating credits - is central to corporate climate resilience strategies. CDP states that companies are saving billions of dollars through mitigation initiatives such as energy efficiency and waste reduction, demonstrating that environmental transparency has become a strategic asset in markets facing pressure from climate risks, decarbonization mandates, and shifting consumer behaviors among a new generation.
Briefs & Opportunities
Continuous Improvement Work Program report: Digital Monitoring, Reporting and Verification. A new report by the Integrity Council for the Voluntary Carbon Market (ICVCM)Â explores how DMRVÂ can strengthen the integrity and transparency of carbon credits, while also highlighting risks and recommendations for its implementation.
North American asset manager Vanguard has released new data on Investor Choice, a program that now encompasses 507,000 participating shareholders and $151.3 billion in assets. Among the findings, the ESG-focused voting option reveals significant gender-based differences: 25% of female investors selected this policy, a higher percentage than that observed among men. This preference is even more pronounced among younger investors, who select the ESG policy at twice the rate of older investors.
How much is the world investing to protect nature? A new OECD survey estimates global biodiversity funding at US$ 75 billion to US$ 92 billion annually and highlights the significant role of domestic public resources in this landscape. It is well worth reading.
Events
October
🇦🇿🇺🇳 5 - 9, UNFCCC Climate Week 2, Baku, Azerbaijan.
🇫🇷 7 - 8, OECD Forum on Green Finance and Investment. In Paris or online.
📅 07 - 08, Congress SAE BRASIL 2026, Pavilhão da Bienal – Parque Ibirapuera, São Paulo, Brazil
🇦🇺 20 - 21, Australasian Emission Reduction Summit, Adelaide, Australia
November
🇹🇷 9 - 20, COP31. Antalya, Türkiye.
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