Intercontinental Exchange, Inc., a leading global provider of technology and data and the largest market in the world to trade environmental derivatives, announced that 2025 was another record year for environmental trading on ICE.
“Steadily over 25 years, ICE has built the largest and most liquid energy and environmental markets in the world, markets where the prices for each are intrinsically linked,” said Gordon Bennett, Managing Director of Utility Markets at ICE. “2025 marks the fifth consecutive year where ICE’s environmental markets have traded the equivalent of $1 trillion in notional value, which is a testament to the liquidity we provide to market participants who need to manage their exposure to carbon price risk.”
A record 20.9 million environmental futures and options contracts traded on ICE in 2025, up approximately 4% vs the previous record year in 2024, with record participation and record physical delivery of carbon allowances totalling $117 billion.
ICE’s environmental markets span the globe and include ICE EU Carbon Allowance (EUA) futures and options, which represent the world’s most liquid carbon derivatives market, as well as CORSIA, the first pan-sector carbon credit program for international aviation. 2025 saw the first delivery of ICE CORSIA (CP1) futures as market participants utilize the airline emissions reduction program.
ICE’s North American environmental markets traded a record 6.2 million contracts in 2025 with ICE’s California Carbon Allowance (CCA) markets trading a record 4.2 million contracts and ICE’s Renewable Energy Certificate (RECs) futures and options trading a record 1.3 million contracts.
Meanwhile, ICE’S EUA market hit its highest single trading day since 2021 with 193,000 contracts traded on January 20, 2026.
Source: ICE
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