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Comparing quotes by price first does not produce a comparison, because the price sits on top of a fuel and a scheme. Five questions come first.

A port has published how its certificates are issued and who verifies them. The price is not in there, but everything you would need to ask about the price is.

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.

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.

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

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.

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.

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.