Ask the Experts: CORSIA Insights for Airlines
With CORSIA Phase I in full swing and Phase II on the horizon, how should airlines respond? In this Ask the Experts series, the Shell team unpacks market signals and shares practical actions to help buyers navigate CORSIA compliance with confidence.
This experts series brings together specialists from across carbon markets and aviation to make sense of shifting market signals and offer clear, practical guidance to support your CORSIA procurement strategy.
Drawing on Shell’s integrated expertise across CORSIA, European Union Emissions Trading System (EU ETS), sustainable aviation fuel (SAF), jet fuel and voluntary carbon markets, the series aims to provide insights to help airlines navigate regulatory complexity and make informed, commercially grounded decisions.
Ask the Experts: CORSIA video series
In this episode, Doris Tan, Head of Shell Aviation for Asia Pacific and Middle East, discusses how airlines are approaching CORSIA procurement as Phase 1 compliance deadlines draw closer. The video explores key considerations around timing, supplier selection, procurement structures and risk management, and shares insights into how airlines are balancing price, policy clarity and supply certainty while preparing for compliance.
Published: September 2026
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Title: CORSIA Ask the Expert: CEEU Procurement
Duration: 4:50 minutes
Description
Doris Tan, Head of Shell Aviation for Asia Pacific and Middle East, answers common airline questions about CORSIA Eligible Emissions Units (CEEUs), including when to act, how evolving policy may affect procurement, supplier and contract considerations, and how airlines can build resilient procurement strategies.
The video combines a direct-to-camera interview with question cards, explanatory on-screen graphics and aviation and regulatory imagery. It closes with an invitation to continue the conversation and a Shell CORSIA web address.
CORSIA Ask the Expert: CEEU Procurement Transcript
Opening and introduction
[Visuals]
Behind-the-scenes footage shows Doris Tan seated in an interview setting while a crew member adjusts her microphone. The scene cuts to Doris speaking directly to camera in a bright office environment. A lower-third identifies her as Doris Tan, Head of Shell Aviation for Asia Pacific and Middle East.
[Conversation / speech]
Head of Shell Aviation for Asia Pacific and Middle East
Doris Tan
Hello, I’m Doris Tan, Head of Shell Aviation for Asia Pacific and Middle East. Welcome back to our CORSIA Ask the Expert series. As we move closer to Phase 1’s compliance deadline, the conversation is shifting from understanding CORSIA, to making procurement and compliance decisions. In this episode, we will address some of the most common questions we hear from airlines about CORSIA Eligible Emissions Units, or CEEUs, based on our experience working with airlines across Asia and globally.
When should airlines act?
[Text displays]
When should airlines act?
[Visuals]
A yellow title card introduces the question. Doris continues speaking in alternating medium and close-up interview shots. During discussion of evolving rules and jurisdictions, the video briefly cuts to supporting footage including people writing at a meeting or conference, European Union flags outside a modern building, and an airport apron with passenger boarding bridges.
[Conversation / speech]
Head of Shell Aviation for Asia Pacific and Middle East
Doris Tan
Most airlines we speak to aren't asking what CORSIA is anymore. They are asking when to act. Questions we've been hearing include: "Will prices change after I commit, or if I wait longer?" "How will CORSIA be implemented across different jurisdictions?" "Am I moving too early, or too late?" At its core, this is a trade off between price, policy clarity and supply certainty. The challenge is rules are still evolving. Airlines in the EU are closely watching developments around CEEU eligibility requirements. Some of the additional eligibility criteria previously raised in a concept note may not be carried into Phase 1 based on a recent Member States meeting summary. If confirmed, a wider range of CEEUs could remain available for airlines in the near term while tighter eligibility requirements could still emerge in Phase 2. Airlines are also monitoring the latest EU ETS proposal. Importantly, this does not change the current CORSIA Phase 1 obligations, which is already established in EU law, but it is relevant to Phase 2 and beyond. Over time, how EU ETS and CORSIA interact could influence compliance strategies and procurement decisions. In this market, timing can be just as important as price. Acting early may give airlines more visibility, over supply and pricing, while waiting may provide greater policy clarity as the market continues to evolve. What we are seeing is that some airlines are taking phased approaches. This means securing a portion of expected demand early, while retaining flexibility to adapt as the market evolves. The goal is not to predict the market perfectly, but to avoid being exposed to a single outcome.
How are airlines choosing who to buy from, and how are they structuring their procurement?
[Text displays]
How are airlines choosing who to buy from, and how are they structuring their procurement?
[Visuals]
A yellow title card introduces the second question. Doris is then shown in a second interview setup with a colourful illustrated aviation backdrop, intercut with close-ups and medium shots.
[Conversation / speech]
Head of Shell Aviation for Asia Pacific and Middle East
Doris Tan
Airlines are asking, “Who should I buy from, and what risks should I be managing?” Airlines are increasingly assessing not only access to supply, but also how different suppliers manage delivery obligations and eligibility requirements should market rules evolve. The choice of supplier is important, but so is the procurement approach. Spot purchases can provide immediate delivery certainty.
[Text displays]
Spot Purchases
Immediate delivery certainty
Project-Specific Forward Contracts
Greater project optionality
Guaranteed Forward Contracts
Additional price flexibility
[Visuals]
As Doris explains different procurement structures, the interview image darkens behind explanatory graphics. The graphics highlight spot purchases, project-specific forward contracts and guaranteed forward contracts, each paired with a short benefit statement.
[Conversation / speech]
Head of Shell Aviation for Asia Pacific and Middle East
Doris Tan
Project specific forward contracts can offer greater project optionality, while guaranteed forward contracts can provide additional price flexibility through broader portfolio sourcing. What we are seeing is as airlines develop their procurement strategies, they are moving beyond the search for one best procurement approach to a mixture of structures to meet their unique needs. Ultimately, CORSIA procurement is no longer just a sourcing decision. It's a portfolio management decision that requires balancing price, project visibility and delivery certainty while deciding how risk is allocated across your portfolio. The most resilient strategies are designed to perform across a range of market scenarios, rather than optimise for a single outcome. Increasingly, airlines are navigating CORSIA alongside evolving regulatory requirements,
[Visuals]
The video returns to the interview and briefly cuts to aviation footage, including a passenger aircraft on a runway at sunset, before returning to Doris speaking to camera.
[Conversation / speech]
Head of Shell Aviation for Asia Pacific and Middle East
Doris Tan
SAF adoption, fuel procurement, prompting a more integrated approach to compliance. At Shell, our experience across these areas helps airlines connect these decisions while balancing near-term compliance needs with longer term business objectives. Ultimately, there’s no one size-fits-all approach. The focus is on building a procurement strategy that reflects your organisation's objectives, risk appetite, and compliance requirements. If you'd like to explore how these considerations apply to your organisation, we’ll be happy to continue the conversation.
Closing screen
[Visuals]
The video fades to a white end card with the Shell logo and a web address for more information.
[Text displays]
To learn more: shell.com/corsia
In this episode, Milind Pasad, Global Team Lead for Environmental Markets Origination at Shell, unpacks the latest developments shaping the CORSIA market for Phase I. From recent programme approvals and continued supply constraints to emerging demand signals, Milind explains what today’s market means for airline buyers. He also outlines three supplier capabilities airlines can prioritise to help reduce eligibility and delivery risk in a tightening compliance market.
Published: June 2026
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Title: {Ask the Experts: CORSIA Insights for Airlines - Episode 2}
Video duration 4:29 minutes
Description
Milind Pasad explains what airlines should consider as the CORSIA Phase 1 market evolves and as they navigate CORSIA-eligible emission units, also known as CEEUs.
The video covers supply and demand signals, new ICAO-approved programmes, pricing indicators, potential European Union requirements, and three supplier capabilities that can help
Ask the Experts: CORSIA Insights for Airlines – Episode 2 Transcript
[Background music plays]
{Bright, uplifting music}
[Visuals]
The video opens outdoors with Milind Pasad walking near a modern office building. A lower-third graphic identifies him as Milind Pasad, Global Team Lead for Environmental Markets Origination. The scene changes to a talking-head interview setup inside a bright office with windows and plants behind him.
[Conversation / speech]
Speaker title: Global Team Lead for Environmental Markets Origination
Speaker: Milind Pasad
Hello, I’m Milind Pasad. Global Team Lead for Environmental Markets Origination. Welcome to another episode of Ask the Experts, where we break down what matters most for CORSIA Phase 1 and help airlines navigate CORSIA-eligible emission units or CEEUs.
Market update
[Visuals]
The speaker continues from the office. Supporting footage shows an airport apron at dusk with parked aircraft and terminal buildings. Yellow on-screen labels display “ISFL” and “FCPF” next to the speaker. A line chart titled “ICE CP1 Prices” appears next to him as he discusses pricing trends.
[Text displays]
ISFL; BioCarbon Fund Initiative for Sustainable Landscape. FCPF; Forest Carbon Partnership Facility. ICE CP1 Prices.
[Conversation / speech]
Since our last video, the CORSIA market has continued to evolve in a more complex operating environment, shaped in part by broader geopolitical developments.
On the supply side, eligibility is expanding with ICAO approving two additional programmes: BioCarbon Fund Initiative for Sustainable Landscape, or ISFL, and Forest Carbon Partnership Facility, or FCPF, both of which are World Bank sponsored programmes.
However, deliverable supply remains tight. The host-country authorisation issues affecting a large cookstoves project developer are a reminder that bringing CORSIA-deliverable supply to market, at scale, is still challenging.
Participation by airlines, representing demand, is still developing. This is demonstrated by large retirement of CEEUs by Japan Airlines and Singapore Airlines to meet Phase 1 obligations.
Pricing trends reflect a push and pull between limited growth in supply and still-muted demand, as only a small number of countries have announced penalties for non-compliance.
Pricing signals and Europe
[Visuals]
The speaker is shown in alternating camera angles. Yellow text highlights the “IATA-Xpansiv Procurement Event,” followed by a red price marker reading “$17.50.” Additional visuals include an airplane wing above clouds, people reviewing data at a table, and a bright sky with clouds.
[Text displays]
IATA-Xpansiv Procurement Event. $17.50. Conditions could tighten quickly. Securing trusted supply that delivers at the point of compliance.
[Conversation / speech]
The recent IATA-Xpansiv Procurement Event for the Improved Cookstove project clearing around 17 dollars and 50 cents suggests a potential premium for near-term supply and named projects.
For now, prices are now looking to demand for direction as clarity on penalties and compliance timelines comes into focus.
Looking ahead, Europe is a key signpost. The European Union is expected to clarify whether it will impose additional eligibility requirements on CEEUs to be retired by EU-domiciled airlines.
If imposed, this would signal EU’s determination to enforce CORSIA obligations but it could restrict the supply of “EU-acceptable” units as deadlines approach.
However, if clarification is delayed, near term activity could remain cautious while potentially increasing the risk of a later rush for compliant supply.
Either way, conditions could tighten quickly, either as clarity triggers immediate action, or as delayed enforcement concentrates demand closer to compliance deadlines.
In a tightening market, the risk isn’t just higher prices, it’s securing trusted supply that delivers at the point of compliance.
How should airlines think about sourcing?
[Visuals]
A yellow title card appears with the question, “How should airlines think about sourcing?” The video returns to Milind in the office as he introduces three supplier capabilities. Red on-screen labels identify each capability as it is discussed.
[Text displays]
How should airlines think about sourcing? 1. Technical and regulatory fluency. 2. Delivery certainty. 3. Flexible deal structures.
[Conversation / speech]
There’s a lot to consider, but our recommendation is to look beyond unit price and focus on three supplier capabilities that reduce eligibility and delivery risk.
First: technical and regulatory fluency
[Conversation / speech]
First, technical and regulatory fluency. CORSIA eligibility is governed by ICAO which specifies programme scope, vintage, and host-country authorisation and how those elements align at compliance.
Airlines need supply partners who understand the details and can translate evolving rules into supply of compliant units.
Second: delivery certainty
[Conversation / speech]
Second, delivery certainty. In a market where issuance timelines, approvals, and authorisations can shift, airlines are prioritising confidence that contracted units will be delivered as CORSIA-Eligible Emission Units when needed.
Third: flexible deal structures
[Conversation / speech]
And third, flexible deal structures. Even where airlines are buying CEEUs, jurisdictions may apply additional requirements beyond ICAO’s framework.
It is important that deals are structured so ensuring the units remain suitable for compliance at the time of delivery.
Closing
[Visuals]
Milind continues speaking directly to camera. The video ends on a white screen with the Shell logo and a call to learn more.
[Text displays]
To learn more: shell.com/corsia. A small disclaimer states that the information in the video is for general guidance only and does not constitute legal, financial, or regulatory advice.
[Conversation / speech]
Taken together, airlines aren’t just buying CEEUs, they’re selecting partners who can combine regulatory understanding, delivery assurance, and compliance-aligned structures.
If you’d like to explore this further, our Shell team is available for one-to-one discussions.
In this episode, Steve Daly, Global Team Lead for Voluntary Carbon Trading at Shell, breaks down the latest updates shaping CORSIA Phase 1 - including recent programme approvals and developments in the supply of CORSIA Eligible Emission Units, and what recent market activity means for airline buyers. Steve outlines the three key actions airlines can take in 2026 to manage exposure, secure supply early and stay ahead of compliance risk.
Published: March 2026
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Title: Ask the Experts: CORSIA Insights for Airlines
Duration: 3:00
Description:
In this episode, Steve Daly, Global Team Lead for Voluntary Carbon Trading at Shell, breaks down the latest updates shaping CORSIA Phase 1 - including recent programme approvals and developments in the supply of CORSIA Eligible Emission Units, and what recent market activity means for airline buyers. Steve outlines the three key actions airlines can take in 2026 to manage exposure, secure supply early and stay ahead of compliance risk.
Ask the Experts: CORSIA Insights for Airlines Transcript
[Background music plays]
Soft background music plays beneath the video.
[Visuals]
Steve Daly stands facing the camera in a modern office space. A lower third graphic appears beside him.
[Text displays]
Steve Daly
Global Team Lead, Voluntary Carbon Trading
Introduction
[Conversation / speech]
Global Team Lead, Voluntary Carbon Trading
Steve Daly
Hello, I'm Steve, Global Team Lead Voluntary Carbon Trading here at Shell.
Welcome to Ask the Experts series, where our team breaks down what matters most for CORSIA Phase I.
In this episode, we focus specifically on CORSIA Eligible Emissions Units also known as CEEUs.
[Visuals]
Steve continues speaking to camera. The video cuts between Steve and footage of Shell trading and aviation activity, including a trading office, a person walking through a field, an aircraft at an airport.
A wall sign reading “Trading and Supply” is shown during the trading footage.
[Conversation / speech]
Shell has over 20 years experience in both voluntary and compliance carbon markets.
We operate seven trading desks globally, work directly with project developers and partner closely with airlines to support their compliance needs.
The past few months have brought clearer signals on eligibility, demand and supply.
Airlines now have a better view of obligations and sourcing options as Phase I progresses.
[Visuals]
An aircraft approaches a runway, followed by the shadow of an aircraft passing overhead.
Key market updates
[Animated sequence]
The screen transitions to a Shell yellow title card.
[Text displays]
What are the key market updates?
[Visuals]
Steve appears in another area of the office. Animated text and figures appear around him as he describes developments in the CORSIA market.
[Conversation / speech]
First, ICAO's publication of 2024 Sectoral Growth Factor is around 16%, indicating a rebound in international aviation with expectations for a stronger demand of CORSIA credits.
[Text displays]
2024 Sectoral Growth Factor
16%
[Conversation / speech]
Next, ICAO Technical Advisory Body (TAB) approved two new programmes, Isometric and Premium Thailand VER programme, bringing the total to eight.
[Text displays]
Isometric
Premium Thailand VER
[Conversation / speech]
Gold Standard has tagged two cookstove programmes as CORSIA Phase I eligible, supplying nearly 1.7 million credits.
And we have VERRA, who tagged four of their projects, supplying 4.7 million credits.
ART Trees Standard issued another 9.1 million credits.
[Visuals]
The video alternates between Steve speaking and footage of an aircraft flying overhead. Animated programme names and credit volumes build on screen.
[Text displays]
Gold Standard
1.7 M
VERRA
4.7 M
ART Trees Standard
9.1 M
*As of 4th February 2026.
CORSIA supply is evolving, figures may change.
[Conversation / speech]
Together, these developments strengthen market confidence and are expanding the supply pool.
Finally, prices.
We've seen CEEU prices trading broadly in the high teens to low 20s range across IATA auctions and trading exchanges, reflecting ongoing market activity.
[Visuals]
The video cuts to a large trading floor, where people work at desks surrounded by multiple computer screens.
What this means for buyers
[Animated sequence]
The screen transitions to another Shell yellow title card.
[Text displays]
What does this mean for buyers?
[Visuals]
Steve returns on screen in the office, speaking directly to camera.
[Conversation / speech]
In short, with greater clarity in the market, more options emerging and supply expanding, demand is expected to increase.
This makes early procurement not just beneficial, but strategically essential.
Three actions for buyers
[Animated sequence]
A Shell yellow title card appears.
[Text displays]
3 actions Shell recommends for buyers in 2026
[Visuals]
Steve appears in front of large windows in the office. A red graphic introduces the first recommended action.
[Text displays]
- Quantify your exposure
[Conversation / speech]
First, quantify your exposure to understand the potential offsetting obligation ahead of the formal notification from the state.
Align your internal teams and decision makers on CORSIA goals and responsibility.
Once governance is locked, you can move quickly when procurement opportunities arise.
[Visuals]
The setting changes to another area of the office. A second red graphic appears.
[Text displays]
- Proactive procurement strategy
[Conversation / speech]
Second, secure supply early with a proactive procurement strategy that reflects your expected exposure, risk appetite and budget.
Prioritise timely hedging through a combination of spot and forward offtake to manage price volatility and supply gaps.
Consider structured multi-year agreements when planning for Phase I and Phase II.
[Visuals]
Steve is shown again in front of the office windows. A third red graphic appears.
[Text displays]
- Evaluate and secure suppliers
[Conversation / speech]
Third, evaluate and secure suppliers.
Consider working with suppliers who can guarantee CORSIA Eligible Emissions Units, have a strong inventory or a solid pipeline and are ready to deliver based on your required timeline.
Prioritise those with a proven reputation who stand behind their contracts and can provide the necessary information to support your reporting needs.
[Visuals]
The video cuts to aviation and trading footage, including a ground crew member working beneath an aircraft and a Shell trading office featuring a world map and international clocks.
[Text displays]
Early procurement can beat volatility.
[Conversation / speech]
Early procurement can beat volatility.
Turn market uncertainty into a procurement plan you can control.
[Visuals]
Footage shows ground crew working around commercial aircraft, including activity beneath an aircraft wing and around an aircraft engine.
[Conversation / speech]
Shell's integrated expertise across CORSIA, EU ETS, SAF, jet fuel and voluntary carbon markets can help you navigate your compliance needs.
[Visuals]
Steve returns to camera in the office for the closing message.
[Conversation / speech]
Reach out to your Shell team for a one-to-one discussion.
We're here to help.
[Background music ends]
[Visuals]
The video transitions to a white end card displaying the Shell logo, a website address and a legal disclaimer.
[Text displays]
To learn more: shell.com/corsia
The information in this video is for general guidance only and does not constitute legal, financial, or regulatory advice.
CORSIA requirements may evolve and are dependent on current and future local regulations. Viewers should conduct their own assessments and seek independent professional advice. Shell makes no representations or warranties regarding the completeness or accuracy of this content and accepts no liability for actions taken in reliance on it.
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