CME GROUP PUBLIC © 2022 CME Group. All rights reserved. 

CME Group Voluntary Carbon Market

June 2022
CME GROUP PUBLIC © 2022 CME Group. All rights reserved. 

Disclaimer

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CME GROUP PUBLIC © 2022 CME Group. All rights reserved. 3

CME Group - Standardization of a 

Futures VCM

Framework based on 

TVSCM’s Core Carbon 

Principles

~100M underlying offsets

Contract Size

CBL Settlement

CBL delivery

Trade Execution

Tech-based 

Project Types Single Registry

Vintage Years*

Framework on 

Verra CCB co-benefits 

Standard

AFLOU Project Types

~70M underlying 

offsets

CORSICA Framework

Multiple Registries

~40M Underlying 

Offsets

C-GEO

*Vintage years subject to ICAO/CORSICA GEO N-GEO

• Standardization across all three products 

enables familiarity in delivery and settlement

• Unique products aspects to interest new 

clients with varying purposes

• Recognizable and trusted registries allows 

customers to utilize credits to work towards 

their individual environmental and emissions 

goals

Source(s): CME Group
CME GROUP PUBLIC © 2022 CME Group. All rights reserved. 4

CME Group - Standardization of a Futures VCM

CONTRACT CBL GLOBAL EMISSIONS OFFSET FUTURES CBL NATURE-BASED GLOBAL EMISSIONS 

OFFSET FUTURES CBL CORE GLOBAL EMISSIONS OFFSET FUTURES

COMMODITY CODE GEO NGO CGO

PRODUCT LAUNCH DATE 3/1/2021 8/2/2021 3/7/2022

NYMEX RULEBOOK 1265 1258 1257

CONTRACT SIZE 1,000 offsets 1,000 offsets 1,000 offsets

MINIMUM PRICE TICK $0.01 per environmental offset = $10.00/lot $0.01 per environmental offset = $10.00/lot $0.01 per environmental offset = $10.00/lot

SETTLEMENT TYPE Physical Physical Physical

VENUE Globex & Clearport Globex & Clearport Globex & Clearport

LISTING CYCLE Monthly Contracts listed for the current 

year and the next three calendar years. 

Monthly Contracts listed for the current year 

and the next three calendar years. 

Monthly Contracts listed for the current year and the 

next three calendar years. 

TERMINATION OF TRADING

Trading terminates three business days 

prior to last business day of the contract 

month

Trading terminates three business days prior to 

last business day of the contract month

Trading terminates three business days prior to last 

business day of the contract month

FRAMEWORK ALIGNMENT ICAO's CORSIA Verra's VCS w/ CCB co-benefits TSVCM's Core Carbon Principles (CCPs)

REGISTRIES 3 (Verra, ACR, CAR) 1 (Verra) 1 (Verra)

VINTAGE STRUCTURE Static and reflecting ICAO’s CORSIA

Rolling. On July 1, 2022, 2016-2020 will expand 

to 2016-2022. On July 1st 2023, 2016-2022 will 

roll into 2018-2023. On each following July 1st, 

the oldest vintage will become ineligible, and a 

new vintage will be added. Starting Jul 1, 2023, 

N-GEO and C-GEO vintages will be aligned

Rolling. On July 1 of each year, starting in 2022, the 

oldest vintage will become ineligible for the contract, 

and a new vintage will be added. Ex. On 7/1/22, the 

vintage range advances- 2016s will fall off and 2022s 

will be added. Starting Jul 1, 2023, N-GEO and C-GEO 

vintages will be aligned

© 2022 CME Group. All rights reserved.

Source(s): CME Group
CME GROUP PUBLIC © 2022 CME Group. All rights reserved. 5

GEO & NGO Futures Progress

CONTRACT CBL GLOBAL EMISSIONS OFFSET 

FUTURES (GEO)

CBL NATURE-BASED GLOBAL EMISSIONS 

OFFSET FUTURES (NGO)

2021 Total Volume 16,120 lots 31,029 lots

2021 Screen % 68% 39%

2021 Spread % 42% 52%

2021 OPEN INTEREST HIGH 5,067 (12/29/21) 10,286 (12/29/21)

2021 HIGH PRICE (Prompt) $8.89 (11/19/21) $14.84 (11/30/21)

2021 TOTAL DELIVERIES 2,596 lots 3,954 lots

2021 NOTIONAL TO DELIVERY $20,598,620 $53,918,300

CONTRACT GEO NGO

YTD 2022 Total Volume 11,268 lots 50,432 lots

YTD 2022 Screen % 40% 28%

YTD 2022 Spread % 28% 33%

YTD 2022 OPEN INTEREST HIGH 4,024 (3/16/2022) 19,261 (5/20/2022)

YTD 2022 HIGH PRICE (Prompt) $8.31 (1/4/2022) $15.89 (1/18/2022)

YTD 2022 TOTAL DELIVERIES 1,493 lots 1,932 lots

YTD 2022 NOTIONAL TO DELIVERY $9,086,050 $21,528,570

© 2022 CME Group. All rights reserved.

Source(s): CME Group
CME GROUP PUBLIC © 2022 CME Group. All rights reserved. 

GEO & NGO Activity Since Launch

Source(s): CME Group

• CME Group’s carbon emissions offset futures have 

traded over 110K lots, equating to 110M 

emissions offsets. 

• March 2022 recorded the highest open interest 

with an average daily value of over 1,000 lots 

traded daily. 

• Single-day record of combined volume of 4,718

lots traded was set on 3/16/ 2022

• Top Three record days with open interest were in 

May 2022:

1. 5/20 with 22,385 open lots

2. 5/23 with 22,359 open lots

3. 5/24 with 22,358 open lots

• Over 80 participants have traded CME Group’s 

emissions offset futures products since launch. 

• Over 9.975 million offsets have gone to delivery in 

12 successful delivery cycles.

 -

 5,000

 10,000

 15,000

 20,000

 25,000

 -

 500

 1,000

 1,500

 2,000

 2,500

 3,000

 3,500

 4,000

 4,500

 5,000

Open Interest

Volume

Open Interest Volume

CME Group Emissions Offset Futures

Volume and Open Interest
CME GROUP PUBLIC © 2022 CME Group. All rights reserved. 

Prompt Prices

Source(s): CME Group

Prompt Voluntary Carbon Offset Prices

GEO, NGO, CGO

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

USD ($)

GEO NGO CGO