without free ETS allowances, which will be fully phased out by 2034). with free ETS allowances, starting from 2026) and one that does the same for the end state of the mechanism (i.e. The carbon intensity factors reflect two scenarios, one modelling the initial state of the CBAM mechanism (i.e. The new assessments combine Argus’ daily price for ammonia delivered to northwest Europe with the price of CO2 emissions under the EU’s Emissions Trading System (ETS), and with two separate carbon intensity factors for European ammonia imports calculated by Argus. Clean ammonia is attracting widespread commodities market attention, both because it decarbonises ammonia’s traditional end-uses in fertilizers and chemicals, and due to its exciting potential in transport fuels and power generation. Its goal is to provide market transparency and facilitate liquidity in the coming market. The CBAM has the potential to be the first instrument available to the rapidly developing clean ammonia market that will combine a carbon intensity measurement with a mandatory carbon price. Global energy and commodity price reporting agency Argus has launched two Carbon-Adjusted Price of Ammonia (CAPA) assessments that reflect the future impact of the Carbon Border Adjustment Mechanism (CBAM) on European ammonia prices.
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