The European Commission has published the first quarterly CBAM certificate price: €75.36 per tonne of CO₂ equivalent. This is the official Q1 2026 price, published on April 7, 2026, marking the first time a CBAM certificate price has ever been set. Every EU importer of steel, cement, aluminium, fertilizers, electricity, or hydrogen now has a fixed reference price for the certificates covering their January 1 through March 31, 2026 imports.
The CBAM certificate price tracker and the CBAM cost calculator have been updated with the official figure.
What the Q1 2026 CBAM certificate price is and how it is calculated
The Q1 2026 CBAM certificate price is €75.36/tCO₂e, calculated as the weighted average of all EU ETS auction clearing prices recorded at EEX between January 1 and March 31, 2026. No separate CBAM carbon market exists. The price has one source: the EU Emissions Trading System.
Article 22(1a) of Regulation (EU) 2023/956, inserted by the Omnibus amendment (Regulation (EU) 2025/2083), defines the calculation method for 2026 specifically. The Commission calculates the weighted average of the auction clearing prices of the auctioned EU ETS allowances for the quarter, rounded to two decimal places, and publishes the result on the first Monday after the quarter closes. April 7 is that Monday for Q1 2026.
The EU ETS traded in a range of approximately €66 to €90 per tonne of CO₂ during Q1 2026. The weighted average of all auction sessions in that period produced the official figure of €75.36.
What this price means for EU importers in practice
The Q1 2026 CBAM certificate price is the reference value for all CBAM certificates covering imports made between January 1 and March 31, 2026. Three practical consequences follow.
First, importers can now calculate their precise Q1 certificate liability. The formula is: import volume (tonnes) × embedded emission factor (tCO₂/t) × CBAM factor (2.5%) × Q1 certificate price (€75.36/tCO₂). The 2.5% CBAM factor applies because 97.5% of EU free allocation remains in 2026. For a blast furnace steel importer bringing in 10,000 tonnes from Turkey, the gross embedded emissions are approximately 20,000 tCO₂. Net Q1 certificate liability is 20,000 × 2.5% = 500 certificates, at €75.36 each — a total cost of €37,680 for the quarter.
Second, the Q1 price establishes the benchmark against which Q2, Q3, and Q4 2026 prices will be compared. From 2027 onward, the averaging period changes from quarterly to weekly, meaning the certificate price updates every Monday rather than every 90 days.
Third, authorized declarants who have not yet purchased any certificates now have a confirmed price for the first quarter of the definitive phase. CBAM certificate purchases open February 1, 2027. The Q1 2026 price, along with the Q2, Q3, and Q4 2026 quarterly averages, will determine the total certificate cost when the first annual CBAM declaration is due on September 30, 2027.
The four quarterly certificate prices that determine the 2026 declaration
The first annual CBAM declaration covers the full calendar year 2026. Four quarterly certificate prices apply, one per quarter. Each price is calculated as the quarterly average EU ETS auction price for that quarter.
| Quarter | Period | Publication date | Certificate price |
|---|---|---|---|
| Q1 2026 | Jan 1 – Mar 31 | April 7, 2026 | €75.36/tCO₂e |
| Q2 2026 | Apr 1 – Jun 30 | July 6, 2026 | Pending |
| Q3 2026 | Jul 1 – Sep 30 | October 5, 2026 | Pending |
| Q4 2026 | Oct 1 – Dec 31 | January 4, 2027 | Pending |
Importers with purchases spread across all four quarters will use each quarter's official price to calculate the certificates attributable to that quarter's imports. The total certificate obligation for the September 30, 2027 declaration is the sum of all four quarterly calculations.
What happens after 2026
From January 1, 2027, the certificate price method changes. Article 22(1) of Regulation (EU) 2023/956 sets the 2027+ formula as the weekly average of EU ETS auction closing prices, published every Monday by the European Commission. This means importers and their compliance teams will need to monitor a price that updates 52 times per year rather than 4.
For the full regulatory framework behind certificate pricing, the mechanism overview, and how embedded emissions are calculated, read the EU CBAM guide.