Northmoor Carbon
Carbon Deal LedgerNo. 14 · October 2026
Carbon Deal Ledger · Compliance, nature and removalsData to 30 September 2026
Removals take three quarters of September's deal value
We logged 31 deals in September with $606m of disclosed value. Removals accounted for 74 per cent of it, led by two large direct air capture and biochar offtakes
1Deals by type
Offtakes made up more than half of September's deals and two thirds of disclosed value. Eight financing deals added $136m, none with a disclosed credit price. Three September records amend deals first logged in July; the earlier versions remain in the ledger.1,2
| Type | Deals | Value, $m | Volume, Mt | Price disclosed |
|---|---|---|---|---|
| Offtake | 17 | 412 | 3.9 | 9 |
| Financing | 8 | 136 | 1.6 | 0 |
| Portfolio | 6 | 58 | 2.2 | 1 |
| All deals | 31 | 606 | 7.7 | 10 |
Source: issuer announcements, public carbon registries, exchange filings, development finance disclosures, Northmoor Carbon records
2Where the value went
Engineered removals took half of disclosed value from seven deals, led by a direct air capture offtake and a biochar agreement that together account for $214m. Avoidance credits drew nine deals but only 16 per cent of value.
| Segment | Deals | Value, $m | Share of value |
|---|---|---|---|
| Engineered removals | 7 | 302 | 50% |
| Nature based removals | 6 | 146 | 24% |
| Nature avoidance | 9 | 98 | 16% |
| Compliance and Article 6 | 9 | 60 | 10% |
| All segments | 31 | 606 | 100% |
Source: issuer announcements, public carbon registries, exchange filings, development finance disclosures, Northmoor Carbon records
Source: issuer announcements, public carbon registries, exchange filings, development finance disclosures, Northmoor Carbon records
3Disclosed prices
Ten deals disclosed a price per tonne. Direct air capture remains the most expensive method at $470 a tonne, while the two avoided deforestation offtakes priced at $14, in line with recent spot trades.
Source: issuer announcements, public carbon registries, exchange filings, development finance disclosures, Northmoor Carbon records
4Against our Credit Price Assessment
5What to watch in October
Whether the two Article 6.2 authorisations lead to first transfers before the year end, the next round of government removal procurement announcements, and how many of this year's forward offtakes report their first registry issuances.
How this ledger is built
- A deal enters the ledger when a party discloses it in an announcement, filing, registry record or finance disclosure
- Each figure is marked disclosed or unknown, and amendments are kept as dated versions rather than overwritten
- Our editors verify every record against its source, held on file for subscribers who ask
Approved for subscribersImogen HaleEditor, Carbon Markets Data · 7 October 2026
1 Value is disclosed contract value in US dollars at the announcement date. Deals without a disclosed value count in the tally but not in value.
2 Volume is the disclosed tonnage over the life of the contract, not annual delivery.