Course 11 of 20 · Emissions and Carbon Desk Academy

Credit Pricing, Vintages & Delivery Terms

Stage C, Price formation, hedging and procurement economics. Level 6 of 10.

Differential pricing across project type, vintage, co-benefit profile and delivery term, and the curve a buyer or seller quotes from.

112 chapters · 10 modules · every chapter one 8 to 10 minute explainer · builds on: Course 07, Course 08, Course 09

Enrol or enquire See the 112 chapters
How a chapter is delivered

One chapter is one idea taken to the point of use

Each chapter covers one idea to the point where you can use it, and comes two ways: a narrated explainer, and a deep dive audio discussion of around thirty minutes that works the same material at depth.

Self-paced throughout, and the same chapters can be taught as a cohort. Chapters run in order: each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

10 modules · 112 chapters

Open any module for its full chapter list, in teaching order.

M0 Why One Tonne Is Not Another Price Ch 1-11
  1. Why Two Tonnes Trade at Different Prices
  2. The Attribute Bundle Behind a Serial Number
  3. What a Headline Carbon Price Conceals
  4. Reference Levels, Transacted Levels and the Gap Between
  5. Tendency Rather Than Law: Reading a Differential Honestly
  6. Thin Trading and the Width of Honest Disagreement
  7. The Seat You Quote From
  8. Quality Is Assessed Elsewhere and Priced Here
  9. The Four Axes This Subject Prices
  10. An Illustrative Differential Stack on One Purchase
  11. What a Defensible Price Opinion Must State
M1 Project Type as a Price Axis Ch 12-23
  1. Why Project Type Moves a Level at All
  2. Avoidance and Removal as Two Demand Families
  3. Pricing Cookstove and Household Energy Credits
  4. Pricing Avoided Deforestation Credits
  5. Pricing Afforestation and Reforestation Credits
  6. Pricing Improved Forest Management Credits
  7. Pricing Soil Carbon and Farmland Practice Credits
  8. Pricing Landfill and Methane Capture Credits
  9. Pricing Industrial Gas Destruction Credits
  10. Pricing Grid Renewable Energy Credits
  11. Pricing Biochar and Engineered Removal Credits
  12. Comparing Types Without Ranking Them
M2 Vintage as a Price Axis Ch 24-34
  1. What a Vintage Actually Denotes
  2. Why Older Vintages Usually Clear Lower
  3. When the Vintage Discount Inverts
  4. The Vintage Spread as a Quoted Number
  5. Crediting Period, Monitoring Period and Issuance Year
  6. Vintage Cut-offs Inside Buyer Policies
  7. The Pre-2020 Cohort and Its Remaining Buyers
  8. Matching a Vintage to a Reporting Year
  9. Quoting a Band of Years Instead of One
  10. An Illustrative Vintage Ladder for One Project
  11. Vintage Arbitrage and Why It Often Fails
M3 Co-benefits, Labels and Narrative Ch 35-45
  1. Co-benefits as a Priced Attribute
  2. What a Certification Label Signals to a Price
  3. Sustainable Development Claims and the Evidence Buyers Fund
  4. Community and Biodiversity Labels
  5. Gender and Livelihood Programme Labels
  6. Geography as a Proxy, and Where the Proxy Misleads
  7. The Narrative Premium and What Sustains It
  8. Marketing Demand Against Tonne Demand
  9. Scheme Eligibility as a Hard Label: CORSIA
  10. An Illustrative Label Stack on a Cookstove Offer
  11. When a Label Carries No Money at All
M4 Delivery Term as a Price Axis Ch 46-56
  1. Delivery Term as the Fourth Axis
  2. Issued, Held and Transferable Today
  3. Forward Delivery of Already Issued Units
  4. Pricing Credits That Do Not Yet Exist
  5. Putting a Number on Firm Versus Unit Contingent
  6. Paying on Issuance Against Paying on Transfer
  7. One Price Across a Multi-Year Delivery Schedule
  8. Retirement on Delivery as a Priced Service
  9. Where Delivery Happens, and What It Costs
  10. An Illustrative Spot and Two-Year Forward Pair
  11. Why a Term Premium Is Not an Interest Rate
M5 Assembling a Quote From the Axes Ch 57-67
  1. From Four Axes to One Number
  2. Choosing What to Quote Against
  3. The Additive Stack and Its Arithmetic
  4. The Multiplicative Alternative
  5. Where the Axes Interact and Addition Fails
  6. Pricing Upward From a Project's Cost Stack
  7. Pricing Downward From What Buyers Will Fund
  8. When the Two Build-Ups Disagree
  9. The Floor a Seller Should Not Cross
  10. The Ceiling a Buyer Cannot Clear
  11. An Illustrative Quote Built End to End
M6 The Curve a Desk Quotes From Ch 68-79
  1. What a Credit Curve Is, and What It Is Not
  2. Why One Curve Cannot Serve Every Credit
  3. Defining the Specification a Curve Prices
  4. Anchoring the Front of the Curve
  5. Extending a Curve Past the Last Observation
  6. Reading the Shape of a Credit Curve
  7. No Arbitrage to Discipline This Curve
  8. The Issuance Pipeline Behind a Curve
  9. Policy-Dated Steps in a Curve
  10. Interpolating Across Vintages on One Curve
  11. An Illustrative Three-Point Curve
  12. Curve Hygiene: Dating, Versioning and Sign-off
M7 Quoting Into the Market Ch 80-90
  1. Reading the Requirement Behind a Request
  2. What a Seller Must Know Before Quoting
  3. Bid, Offer and a Spread You Can Defend
  4. Validity, Expiry and the Clock on a Quote
  5. Firm Quotes Against Indications
  6. Quoting Through a Broker
  7. Standardised Contracts as a Price Reference
  8. Published Assessments and How They Are Made
  9. Why Comparables Are Scarce and Stay Scarce
  10. Negotiating the Differential, Not the Headline
  11. An Illustrative Negotiation Over One Vintage Spread
M8 Flexibility, Adjusters and Optionality in the Price Ch 91-101
  1. Flexibility Is Never Free
  2. Pricing a Buyer's Volume Flexibility
  3. Pricing a Right to Substitute Project Type
  4. Pricing a Right to Substitute Vintage
  5. Quoting a Basket Rather Than a Project
  6. Adjusters Tied to a Verification Outcome
  7. Fixed, Escalated and Indexed Prices
  8. Indexing a Credit Price to an Allowance Price
  9. Caps, Collars and Shared Upside
  10. Valuing an Option Over Credits Correctly
  11. An Illustrative Value for One Flexibility Right
M9 Marking, Challenge and the Limits of the Method Ch 102-112
  1. Marking a Position When Nothing Has Traded
  2. The Evidence File Behind a Mark
  3. How Quickly a Comparable Goes Stale
  4. Independent Challenge to a Desk's Differentials
  5. When Two Desks Mark the Same Unit Differently
  6. The Convergence Argument and Its Assumptions
  7. Pricing a Type With No Comparables at All
  8. Where This Pricing Apparatus Fails
  9. A Worked Procurement Quote, Part One
  10. A Worked Procurement Quote, Part Two
  11. Handing the Priced Book Onward

The brochure gives each of these 112 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 11 of twenty

It stands alone, and it is also the entry point to the Emissions and Carbon Desk Academy pathway.

Enrol or enquire See the whole pathway