Market Report | June 2023

“CP21 prices ended relatively strong compared to the previous year with a few players waiting until the last minute to cover their positions.”

Mike Ridler, Head of Green Markets at C-Zero
Mike Ridler

Not much to write home about in June with prices and liquidity stagnating

Mike Ridler


  • RGGO trades have been thin this month as buyers find they can get EU certs cheaper, and sellers aren’t moving on price. 
  • Waste certs seem to have stabilised at around the £26-28/MWh level, but there have only been a handful of trades to base that on.
  • RGGOs from 100% waste plants and with ISCC accreditation command a premium of £3-4/MWh. The days of a £10 premium for ISCC seem to be over. 
  • The strong demand for Crop seen at the beginning of the year has dried up, with prices peaking at around £25/MWh and certs being offered at lower levels towards the end of the month.
  • The GHG protocol used by 90% of Fortune 500 companies to calculate emissions has delayed any decision on the proposed changes to Annex B, which would no longer allow Green Gas Certificates to offset Scope 2 emissions. They will decide in 2025, which is good news for the RGGO market and companies buying RGGOs to offset emissions.

“2022 certificates fly with short supply and a major’s short position”

Bruce Brown

Bruce Brown

Head of Client Partnership at C-Zero