The C-GEO-2, Xpansiv market CBL’s new spot contract, allows clients to trade carbon offsets that cover energy, renewables and other technology-based offset credits. The C-GEO-2 aims to standardise the market for offsets issued between 2016–2020, with plans to roll this forward from 2020 to 2026. In its first week of trade, prices ranged from $6.80 to $7.00.

Transactions on the C-GEO-2 have totalled 155,707 metric tonnes of carbon dioxide equivalent (mtCO2e), with 117,207 mtCO2e of traded on its launch day in 21 transactions. The C-GEO-1 contract, which deals in offsets dated 2012–2015, saw volumes of 10,000 tonnes priced at $6.30.

“Now we have the N-GEO for nature-based [offsets] and the C-GEO for tech-based [offsets]…we can look at specific, smaller groups that can be anchored in these benchmarks, for instance a new technology that hasn’t got off the ground yet…We can look at removals, regional-specific, or project-specific offsets — just a really broad range as long as we anchor them against the benchmarks.”