Global Eligible Corsia Supply Takes Only a 10th of Pipeline: Report

Global Corsia Eligible Emissions Unit or CEEU volumes represent just 10.8% of Corsia-aligned supply awaiting host authorization, according to a report released by Abatable, Boeing and GenZero.

Corsia-aligned supply refers to units that meet International Civil Aviation Organization’s or ICAO’s eligibility criteria, but have not yet been authorized by their host countries. These can only be used for Corsia, which stands for the Carbon Offsetting and Reduction Scheme for International Aviation, once they progress to CEEU status.

Only 36.6 million CEEUs issued globally from 57 projects are fully authorized and usable for compliance. Three hundred and thirty-eight million units from 1,435 projects that meet ICAO’s eligibility criteria have not yet received a Letter of Authorization or LOA from their host government; those units cannot be used for Corsia compliance until authorized.

LOA is a corresponding adjustment to prevent double counting by confirming that the host government authorizes the use of carbon credits from specific projects under Corsia and will not count the corresponding emissions reductions toward its own national climate targets.

Southeast Asia accounts for 2.6 million CEEUs issued across four projects in Cambodia and Laos, alongside 18.2 million Corsia-aligned units from 54 projects across eight Asean countries. While the resulting authorization ratio of 14.3% exceeds the global average, it indicates that most of the region’s potential Corsia supply remains unauthorized.

If Asean governments issued LOAs to all 54 Corsia-aligned projects, the region’s CEEU supply could increase to 20.8 million units, enough to cover the entire estimated 17 million to 18 million mt offset obligation of Asean airlines during Corsia’s First Phase.

The compliance deadline for Phase 1 of Corsia covering the 2024–2026 period is Jan. 31, 2028.

Beyond existing projects, a further 100 projects in the pipeline could generate an additional 302 million units by 2035, lifting Asean’s total potential CEEU supply to around 348 million units over the next decade. At the upper end of observed Corsia prices of $23/unit, that volume would represent a market worth approximately $8.5 billion.

The report’s recommendations to governments center on mapping aligned supply against Nationally Determined Contributions before issuing authorizations, rather than authorizing at scale immediately.

“The scale of ASEAN’s CORSIA opportunity is significant, and the foundations are already being laid,” said Frederick Teo, GenZero’s chief executive officer, pointing to existing progress on Article 6 and NDC frameworks as a base to build from.

A country-by-country readiness matrix in the report shows reveals the uneven readiness by Asean member states to actually issue the authorizations that supply depends on.

Vietnam holds the largest volume of Corsia-aligned credits in the region, with 23 operational projects that have issued 10.5 million units so far and a total aligned volume of 33.3 million units forecast to 2035, driven mainly by cookstove projects. Yet Vietnam has not submitted an initial report or issued a single LoA, leaving that supply pending authorization.

Thailand led on most fronts, with operational registries, appointed designated national authorities or DNAs, and either confirmed or in-progress LOAs. Laos and Cambodia have issued LoAs, where Laos covered under its first biennial transparency report. Brunei and Timor-Leste lag furthest behind, with no Article 6 framework, no registry, and no LOAs issued to date. Singapore sits outside this readiness spectrum entirely, since it participates as a buyer of international carbon credits rather than as a host.

Spot prices for CEEU fell by 19.7% in the first half of 2026, according to OPIS data; the report attributes the fall to a short-term supply-demand mismatch. More CEEUs have reached the market while airline demand stayed muted, held back by elevated jet fuel costs tied to the Middle East conflict.

OPIS last assessed CEEU at $15.75 per metric ton on July 1.

—Reporting by Sang Ah Lee, slee@opisnet.com; Editing by Mei-Hwen Wong, mwong@opisnet.com