Case study · Carbon auction · Completed April 2026
The Climate Action Center of Excellence (CACE), established by GORD, completed its inaugural auction of CORSIA-eligible credits — SIPCO's Verra-certified Cambodian Water Purifiers Project — run on Emsurge Open Markets. The multi-buyer result closed above the $14.00/tCO₂e floor, demonstrating transparent, auction-based price discovery for high-integrity, Article 6 authorised credits.
What happened
In its capacity as the specialist in due diligence and quality assurance for carbon credits under Article 6, CACE — established by the Gulf Organisation for Research and Development (GORD) — completed its first auction of CORSIA-eligible credits.
The auction, conducted on behalf of project developer SIPCO and powered by Emsurge, offered CORSIA's first compliance-period (CP1) labelled credits from SIPCO's Verra-certified Cambodian Water Purifiers Project, and closed above the floor price of $14.00/tCO₂e.
Independent due diligence — CACE assessed both the underlying project and the quality of the Letter of Authorization, giving buyers the assurance to participate with confidence.
Multi-buyer demand — the result reflects the appetite for rigorously validated CORSIA credits when offered through a structured, transparent process.
Price discovery — a competitive auction that cleared above floor, establishing a reference point for CP1-labelled supply.
The detail
| Conducted by | CACE (Climate Action Center of Excellence) |
|---|---|
| Platform | Powered by Emsurge / EOM |
| On behalf of | SIPCO (project developer) |
| Credits | CORSIA CP1-labelled (Compliance Period 1) |
| Floor price | $14.00 / tCO₂e |
| Clearing | Closed above the floor price |
| Outcome | Multi-buyer |
| Announced | 20 April 2026 |
| Project | SIPCO's Cambodian Water Purifiers Project |
|---|---|
| Standard | Verra Verified Carbon Standard (VCS) |
| Host country | Cambodia |
| Article 6 status | Authorised — Letter of Authorization in place |
| CORSIA status | CP1-labelled |
| Due diligence | Independent review by CACE of project & LOA quality |
| Series | First of SIPCO's scheduled CORSIA auctions |
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In their words
"This transaction represents a meaningful step forward in the operationalization of Article 6 of the Paris Agreement."
Dr. Yousef Alhorr · Founding Chairman, CACE & GORD
"Following months of hard work, we are pleased to get a positive outcome for SIPCO, who have supported this initiative."
Dr. Alexandra Soezer · Director, CACE
Why it matters
As CORSIA enters its first compliance period, efficiently matching supply with demand becomes critical. CACE plays a key role in that ecosystem — ensuring credits offered to compliance buyers meet the highest standards of environmental integrity and jurisdictional authorisation.
Independent due diligence on the project and its Letter of Authorization gave buyers confidence to bid — proof that demand follows integrity.
A structured, auction-based approach surfaced a clear reference price for CP1-labelled credits, above the $14.00 floor.
SIPCO's project, with Cambodia's proactive engagement, helps position the country at the forefront of Article 6 implementation.
With SIPCO committed to regular auctions, CACE continues to provide independent oversight and due diligence — enabling a credible, liquid secondary market for CP1 credits to develop. The next auction in the series is the Cambodia Improved Cookstove auction.
Structured, transparent, time-boxed price discovery for high-integrity carbon — with independent due diligence and OTC or exchange settlement. Talk to us about running yours.
Get in touch Back to eventsSource. Summarised from CACE's announcement, "CACE Completes Inaugural CORSIA Credit Auction" (20 April 2026). CACE (Climate Action Center of Excellence) was established by the Gulf Organisation for Research and Development (GORD). The auction was conducted by CACE on behalf of SIPCO and powered by Emsurge.
This page is for information purposes only and does not constitute an offer to sell or a solicitation to buy. CORSIA is the Carbon Offsetting and Reduction Scheme for International Aviation; CP1 refers to its first compliance period.