LTS notices, press coverage and articles,all in one place

One reason this market is hard to file under "someone else's problem": a Korean name is on a published buyer list, in a contract worth close to $200 million.

The most common mistake is asking "what does a tonne cost". That is not how it is set — and a standard-setter's own review writes out the structure.

Shares and crude have a screen everyone reads. Certificates do not, for two reasons — and once you know them, the question changes into one that can be answered.

What "subject to the guardrails" actually contains is spread across the standard and the SBTi evidence synthesis. For practical purposes it gathers into three things.

There is no published price index for transport insetting certificates. So the question to ask is not "how much" but "how is it set" — and two published cases show the structure.

Where the voluntary market and regulation overlap there is an unsettled question. The SBTi evidence synthesis treats it as one of its six themes.

The first question people hit when reviewing a certificate is whether the standard recognises it at all. Standard V2.0 defines the category, as a market instrument and a commodity certificate.

SBTi's Corporate Net-Zero Standard V2.0 says that where a reduction from a market instrument is not reflected in the physical inventory, it is reported separately. What changes, and why that separation brings measurement forward.

SBTi reviewed 418 pieces of evidence on certificates, and of the 150 assessed for fuels exactly one reached the top tier. How to read that number.