Emissions Markets for Aviation
Grey Epoch covers the full spectrum of aviation carbon markets - including the EU ETS, UK ETS, Swiss ETS, CORSIA and CCAs. Our services are designed to deliver clear guidance, streamlined processes and cost-effective structures, enabling aviation companies to meet their compliance obligations with efficiency and confidence.
Trade allowances
Gain access to EUAs, UKAs, CORSIA credits and CCAs across compliance periods with flexible trading sizes and delivery schedules.
Competitive pricing
Cost-efficient solutions to support your business needs: Forward Procurement, Price-Cap, Spot Trading, and Cash-Flow Optimisation.
Expert advice
Leverage our expertise in emission markets, surrender strategies, and regulatory updates to maintain smooth compliance and avoid penalties.
ETS
We support airlines in addressing the specific challenges faced by aircraft operators, helping them design and implement emission-purchasing strategies, make timely trade decisions, reduce costs, and ensure smooth compliance processes.
As one of the largest ETS traders globally, and the leading options trader on EEX and ICE, we deliver the liquidity and expertise needed to optimise strategies and control costs.
CORSIA was established by the International Civil Aviation Organisation (ICAO) in 2016, and serves as the first global market-based measure for aviation. CORSIA provides a standardised, coordinated approach to offsetting international aviation emissions, utilising voluntary carbon credits.
We assist airlines and aircraft operators in meeting their CORSIA obligations by providing access to eligible carbon credits, compliance strategies, and market insights.
Our team ensures you stay aligned with ICAO requirements while optimising cost and minimising risk.
CORSIA
Compliance Solutions for Aviation
Grey Epoch supports aircraft operators with tailored solutions for sourcing EUAs, UKAs CORSIA Credits and CCAs, helping them manage exposure, budget effectively and navigate overlapping schemes with clarity and confidence.
Manage price volatility
Reduce exposure to market fluctuations with a fixed price.
Fix now, pay later
Defer the bulk of the fixed price for up to three years with a forward transaction.
Budget certainty
Secure your profits by locking in the price.
Most popular
Forward Procurement
Forward buying allows aviation operators to lock in EUA or UKA prices by agreeing to purchase EU or UK allowances at a future date without a large upfront payment.
Spot Trading
Purchase or sell EU allowances, UK allowances or CORSIA credits, with payment and delivery within five business days.
Spot trading enables immediate delivery and allows you to respond quickly to price movements, which can help optimise costs compared to longer-term strategies.
Price Risk Management
Manage cost uncertainty in your carbon portfolio with price-cap and floor solutions.
Using instruments that set maximum and/or minimum allowance prices helps you control exposure, support budgeting, and plan confidently despite market volatility.
Cash Flow Optimisation
With our deferred payment solutions, you can lock in carbon allowance prices today and schedule delivery and payment at a later date.
This gives you the flexibility to meet compliance needs without tying up capital upfront.
Take the Next Step
We help you navigate complex aviation emissions rules and emerging compliance deadlines with clarity and confidence.
Contact Grey Epoch today to learn more about our services and how we can help you navigate the regulatory landscape.
FAQs
-
It depends on where your flights operate:
EU ETS applies to flights within the European Economic Area (EEA), and to some routes between the EEA and partner countries.
CORSIA applies to international flights between countries that participate in the ICAO CORSIA scheme.
Some airlines may need to comply with both, depending on their routes.
-
From 2026, aircraft operators will no longer receive any free allocations under the EU ETS.
-
You must buy CORSIA credits if your airline operates international flights between countries that are participating in the scheme for that year and your emissions exceed your baseline level.
Your emissions exceed baseline level if your annual CO₂ emissions from those covered flights exceed 10,000 tonnes, and those emissions are above the phase’s baseline, set at 2019 levels for the pilot phase (2021–2023) and at 85% of 2019 levels from the first phase (2024–2026) onward.
Participation by States is voluntary during the pilot and first phases, so your obligation depends on whether both the departure and arrival States have opted in for that year; in the second phase (2027–2035), participation is based on ICAO criteria plus any additional voluntary participants.
Your administering authority will confirm your coverage and the volume of credits you must surrender.
-
You can buy CORSIA credits from approved CORSIA carbon credit projects, Grey Epoch can help you source credits that meet both compliance and sustainability objectives.
-
Yes, airlines must use an approved CORSIA Emissions Unit Account to hold and track CORSIA credits.
Credits are issued by approved providers, deposited into the account, and then surrendered to offset emissions above the 2019 baseline.
The account ensures proper verification, prevents double-counting, and facilitates compliance reporting to the International Civil Aviation Organization (ICAO).
-
Yes, CORSIA credits have a validity period. Only credits issued for eligible years under the scheme can be used for compliance, so airlines must ensure they use credits within the allowed timeframe to offset their emissions.
-
There are no confirmed plans, but alignment or integration is possible in the future.
-
By using forward contracts to secure prices in advance and timing purchases to benefit from favourable market conditions.
With tailored solutions for aircraft operators, Grey Epoch can support your business needs.
-
During the ETS review, the EU will assess if CORSIA efforts are in line with the Paris Agreement. If it’s determined CORSIA isn’t sufficiently strong, the EU might consider ending the “stop-the-clock mechanism” and start bringing departing extra-EU flights into scope.
Currently, only flights both departing and arriving from EEA countries are in scope (with some inclusions for Switzerland and the UK).
-
Annual Monitoring & Reporting Tasks
1 January
Start monitoring your international flight emissions for the current scheme year
Follow your approved Monitoring Plan
30 April
Submit verified annual emissions report for the previous year (via METS or state’s reporting system)
Report must be verified by an accredited verifier before submission
30 June
Submit improvement report (if applicable)
Required if the verification process identified areas for improvement
July
Begin the process of appointing your verifier for the current scheme year
Ensures timely verification the following year
31 December
Notify regulator of any non-significant changes to your monitoring plan
Applies to updates that don’t fundamentally change monitoring methods
31 December
Complete your emissions monitoring for the current year
End of the scheme year
Offsetting & Compliance Tasks
30 November
Regulator notifies you of your offsetting obligation for the previous scheme year
Based on verified emissions above baseline
30 November (every 3 years, starting 2024)
Regulator notifies you of your final offsetting obligation for the previous 3-year compliance period
Aggregated for 3-year phases (e.g., 2024–2026 → notification by 30 Nov 2027)
31 January (every 3 years, starting 2025)
Surrender eligible emissions units (credits) to offset the required emissions
Deadline for credit cancellation in line with regulator’s notification
7 February (every 3 years, starting 2025)
Request that the eligible emissions units registry publishes your cancellation information
Ensures transparency per CORSIA requirements
30 April (every 3 years, starting 2025)
Submit your verified emissions unit cancellation report for the previous compliance period
-
For the EU ETS, you must complete the following key tasks every year:
1 January: Start of the monitoring year.
31 March: Submit verified emissions report for the previous year.
30 September: Surrender the required allowances for the previous year.
