Spot, Issued and Forward Carbon Credits: Which to Choose

Every lot on our marketplace carries a delivery label. Here is what Spot, Issued and Forward mean for when credits reach you, the risks involved and how price tends to differ.

Every lot on our marketplace carries one of three delivery labels: Spot, Issued or Forward. The label answers a simple question with big consequences for a buyer: do these credits exist yet, and how soon can they be in your name?

This page explains the three terms as the wider market generally uses them, the risks that come with each, and how to decide which suits your purpose. For any particular lot, we confirm the exact delivery position in writing before you commit.

First, what "issued" means

A carbon credit does not exist until a registry creates it. The usual sequence is:

A project operates and monitors its results for a period.
An independent auditor verifies those results.
The registry issues credits for the verified tonnes, each with its own serial number, into the developer's account.

Only after step 3 can credits be transferred to a buyer or retired. Everything before that is an expectation, however well founded.

Spot

In general market usage, spot credits are already issued and ready to move now. The seller holds them in a registry account, and once terms are agreed and checks are done they can be transferred to your account or retired for you without waiting on any future event.

Timing: the shortest route from agreement to retirement certificate. Risk: low delivery risk, because the credits exist and can be checked on the registry by serial number. Price: spot lots are often priced at a premium to forward lots for comparable projects, because the buyer is paying for certainty and speed.

Spot suits a buyer with a reporting deadline close at hand, such as a company that needs to retire credits before its annual sustainability report goes to print.

Issued

Issued credits also already exist on the registry. The difference from spot, as the market generally uses the terms, is that delivery may not be immediate. The units might be held in an account that needs an extra step before transfer, be part of a larger block the seller is still allocating, or be offered for delivery on an agreed date.

Timing: usually short, but confirm the actual transfer date rather than assuming it. Risk: the credits are real and verifiable, so the main risk is timing and paperwork rather than whether the tonnes will appear. Price: typically close to spot, depending on the project and vintage.

Issued lots suit buyers who want the assurance of existing credits but have some flexibility on when they move. When you enquire about one, ask us to state the expected transfer or retirement date in our written confirmation.

Forward

Forward credits are expected from a project in future. You agree now on volume and price, and the credits are delivered once the project has been verified and the registry has issued them.

Timing: delivery depends on the project's verification cycle, which can take a year or more and is not always on schedule. Risk: the highest of the three. The project might produce fewer tonnes than estimated, verification might be delayed, a methodology could change, or the registry could hold issuance pending a review. For CORSIA, there is the added question of whether the host country will authorise the units when they are issued. Price: forward lots often carry a discount to issued credits, reflecting that risk and the time value of money.

Forward deals suit buyers planning several years ahead who want to secure supply from a particular project or type, and developers who need revenue before issuance to fund operations. The terms that protect each side are covered in forward sales and offtake agreements.

Side by side

	Spot	Issued	Forward
Credits exist on registry	Yes	Yes	Not yet
Can check serial numbers before buying	Yes	Yes	No
Typical wait for delivery	Shortest	Short, confirm date	Tied to future verification
Main risk	Low	Timing and paperwork	Volume, delay, eligibility
Price tendency	Highest	Close to spot	Often lower

These are tendencies, not rules. A forward lot from a well-run project with a long issuance history can be lower risk than a spot lot whose documentation is thin.

How to choose

Ask three questions inside your organisation before filtering by delivery type.

When must the credits be retired? If the answer is this quarter, filter to Spot and Issued. Forward is only useful if your deadline is comfortably after the project's next expected issuance.

What exactly must the credits satisfy? A voluntary buyer with flexible criteria can take more forward risk. An airline that needs CORSIA-eligible units for a specific compliance period has less room: the vintage, programme and authorisation all need to line up, and forward units may not yet carry the authorisation they will eventually need. Our CORSIA eligible units checklist sets out what to confirm.

How much uncertainty can your budget absorb? A forward discount looks attractive until a shortfall forces you to buy replacement spot credits late. Some buyers split their purchase: issued credits for this year's need and a smaller forward position for future years.

What to check for each label

Spot and Issued: look up the serial number range on the registry and confirm the units are unretired and held by the seller or their account holder.
Forward: check the project's issuance history against its estimated annual reductions, the date of its last verification, and what happens under the agreement if delivery falls short.

Filter the marketplace by delivery type to see the current spot, issued and forward lots, and tell us your retirement date so we can say which ones can meet it.