ICE’s Environmental Market Trading Reaches Record Highs in 2025

Key Terms

CORSIA regulatory

CORSIA is a global aviation program that requires airlines to counteract the growth of their carbon emissions by buying carbon credits or cutting emissions, similar to balancing a household’s carbon ledger when spending more than a set allowance. It matters to investors because it creates new operating costs, affects airline profitability and fleet decisions, and can shift demand toward cleaner technologies and fuel suppliers, altering long-term risk and opportunity in the industry.

AMSTERDAM & LONDON & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data and the largest market in the world to trade environmental derivatives, today 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.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology , we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Category: EXCHANGES

ICE-CORP

Source: Intercontinental Exchange

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ICE Media Contact:

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Source: Intercontinental Exchange