Full definition
The CBAM certificate is the scheme’s payment instrument. One certificate covers one tonne of CO2 in embedded emissions, at a price indexed to the weekly average of EU ETS allowances (around €80 per tonne in early 2026, but volatile). From 1 February 2027, the authorised CBAM declarant must buy and surrender annually a number of certificates corresponding to declared emissions, after deducting the reference free allocation, which decreases until 2034. Distinct from EU ETS allowances: CBAM certificates are not traded on a secondary market between importers.