ICE environmental markets surpass $1 trillion in notional value for fifth year running
2025 sees record trading volumes, carbon deliveries and first CORSIA futures settlement
Intercontinental Exchange (ICE) reported record performance across its environmental markets in 2025, marking the fifth consecutive year the platform facilitated trades equivalent to $1 trillion in notional value.
The company said 20.9 million environmental futures and options contracts changed hands during the year, up around 4% from 2024. Physical delivery of carbon allowances reached a record $117 billion in value.
“Steadily over 25 years, ICE has built the largest and most liquid energy and environmental markets in the world, markets where the prices for each are intrinsically linked,” said Gordon Bennett, Managing Director of Utility Markets at ICE.
“2025 marks the fifth consecutive year where ICE’s environmental markets have traded the equivalent of $1 trillion in notional value, which is a testament to the liquidity we provide to market participants who need to manage their exposure to carbon price risk.”
ICE’s environmental contracts include European Union Carbon Allowance (EUA) futures and options and CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation). In 2025, ICE completed the first delivery of CORSIA (CP1) futures.
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North American activity also reached record levels, with 6.2 million contracts traded. California Carbon Allowance markets saw a record 4.2 million contracts traded, while Renewable Energy Certificate futures and options reached 1.3 million contracts.
The European carbon market posted its busiest single trading day since 2021, with 193,000 EUA contracts traded on 20 January.
The Recap
- ICE environmental markets set records across 2025 trading activity.
- A record 20.9 million environmental contracts traded in 2025.
- EUA market recorded its highest single trading day on 20 January.
