Environmental Market Rankings 2025

Market remains optimistic after another turbulent year

Environmental markets service providers navigated political uncertainty in 2024, impacting prices and trading, writes Rob Langston

Policy uncertainty and the politicisation of environmental challenges had a significant impact on prices during 2024, according to the winners of Environmental Market Rankings.

While many countries, particularly in the Asia-Pacific region, have pushed forward with their own compliance carbon markets, partly in response to the EU's Carbon Border Adjustment Mechanism (CBAM), while legal challenges in the US stalled progress in North America.

Meanwhile, ongoing speculation about the convergence of the UK and EU emissions trading systems (ETS) have stoked prices in two of the most established markets.

Nevertheless, market participants – who are no strangers to such volatility and uncertainty – saw signs for optimism, as progress continues on several fronts and hope for more stability around pricing as interim decarbonisation targets approach.

Meanwhile, demand for green certificates is set to be boosted by technology giants' growing thirst for renewable and low-carbon energy to help fuel the boom in AI.

This could help sustain voluntary markets, even as regulated markets brace for headwinds from President Donald Trump's assault on renewables, they argue.

Once again, the Environmental Market Rankings received hundreds of votes from market participants highlighting the companies providing the best services in the compliance carbon markets and green certificates.

Netherlands-based STX Group topped the leaderboard in this year's rankings, after being named as top provider in 14 categories for both markets, a significant increase on the nine it won in 2023-2024 rankings. (See table below). It was named top provider in seven compliance carbon markets categories, including three won by STX Group company Vertis Environmental Finance. It also emerged as readers' favourite in seven of the green certificates categories.

 

Slipping slightly from last year's showing, US-based Karbone topped seven categories, down from the nine it won in 2023-2024. Four of its awards came from the North American compliance carbon markets, while picking up three in the green certificates.

Anew Climate completed the top-three providers from this year's awards, winning six categories spread equally across compliance and green certificates. This year's haul matches its showing last year.

Rounding out the top-five providers, were ClearBlue Markets and ICE with three awards each.

COMPLIANCE CARBON MARKETS
EU EMISSIONS TRADING SYSTEM  
CategoryWinnerRunner up
Best broker, options & futures Evolution Markets Vertis
Best trading company, options & futures Vertis CFP Energy
Best broker, OTC/spot Vertis Evolution Markets
Best trading company, OTC/spot CFP Energy Vertis
Best advisory/consultancy ClearBlue Markets Redshaw Advisors
Best exchange/clearing house ICE  
UK EMISSIONS TRADING SYSTEM    
CategoryWinnerRunner-up
Best broker, OTC/spot Vertis Redshaw Advisors
Best trading company, OTC/spot CFP Energy Vertis
Best advisory/consultancy Redshaw Advisors ClearBlue
NORTH AMERICAN MARKETS (California)    
CategoryWinnerRunner-up
Best broker, options & futures Karbone Evolution Markets
Best trading company, options & futures STX Group Anew
Best broker, OTC/spot Karbone STX Group, Anew
Best trading company, OTC/spot STX Group Anew, Karbone
Best project developer Anew ClearBlue
Best advisory/consultancy ClearBlue Markets Karbone, Anew
NORTH AMERICAN MARKETS (RGGI)    
CategoryWinnerRunner-up
Best broker Karbone Evolution Markets
Best trading company Anew STX Group
NORTH AMERICAN MARKETS (All - includes Canada and Mexico)    
CategoryWinnerRunner-up
Best broker Karbone Evolution Markets
Best trading company STX Group Anew
Best advisory/consultancy ClearBlue Markets STX Group
Best verification company First Environment  
Best project developer Anew ClearBlue
APAC MARKETS    
CategoryWinnerRunner-up
Best broker CORE Markets STX Group
Best trading company STX Group 3Degrees
Best advisory/consultancy Kanaka CORE Markets
Best verification company EPIC Sustainability Services  
Best project developer Kanaka STX Group

In compliance carbon markets, one of the big winners in the EU and UK ETS categories was Vertis Environmental Finance, an STX Group company, which topped the rankings in three different categories, up from one last year. It was named Best trading company, options & futures and Best broker, OTC/spot for the EU ETS and Best broker, OTC/spot for the UK ETS.

CFP Energy was named Best trading company, OTC/spot for both the EU ETS and UK ETS, and was a runner-up in the Best trading company, options & futures for the EU market.

Evolution Markets was named Best broker, options & futures in the EU carbon markets, but was unable to equal last year's haul of three awards.

ClearBlue Markets was voted Best advisory/consultancy in the EU ETS and was runner up for the UK. It was also named Best advisory/consultancy for California and North America markets overall.

Karbone was one of the standout winners in the North American markets taking four awards Best broker, options & futures and Best broker OTC/spot in California, and was also named Best broker for RGGI and North American markets overall (including Canada and Mexico). It was also named runner-up in several categories.

Another multiple winner was Anew Climate, which won three awards, including Best project developer in California and North American markets overall, and Best trading company for RGGI. It was runner-up in several other categories.

STX Group topped the polls as Best trading company, options & futures and Best trading company, OTC/spot in California, while also being named Best trading company for North American markets overall.

Elsewhere, ClearBlue Markets was voted Best advisory/consultancy for California and North American markets overall. It was also a runner-up in several categories.

Meanwhile, First Environment was chosen as North American markets Best verification company returning to the rankings after last winning the top spot in 2022.

In Asia-Pacific, there was a return to the rankings by Kanaka Management Services, which last featured in 2022. It topped two categories in this year's rankings after being voted Best advisory/consultancy and Best project developer.

Both CORE Markets and EPIC Sustainability Services retained their positions as Best broker and Best verification company respectively. STX Group topped the poll as the region's Best trading company and was a runner up in several other categories.

GREEN CERTIFICATES  
ENERGY ATTRIBUTE CERTIFICATES - EUROPE    
CategoryWinnerRunner-up
Best broker STX Group Redshaw Advisors
Best trading company STX Group CFP Energy
Best advisory STX Group Redshaw Advisors, Karbone
Best exchange/clearing house ICE  
ENERGY ATTRIBUTE CERTIFICATES - NORTH AMERICA    
CategoryWinnerRunner-up
Best broker Karbone STX Group
Best trading company STX Group Anew
Best advisory Anew Karbone
Best exchange/clearing house ICE  
ENERGY ATTRIBUTE CERTIFICATES - APAC    
CategoryWinnerRunner-up
Best broker CORE Markets STX Group
Best trading company STX Group  
RENEWABLE IDENTIFICATION NUMBERS MARKET    
CategoryWinnerRunner-up
Best broker Karbone STX Group
Best trading company STX Group Anew
Best advisory/consultancy Anew Karbone
Best verification company EcoEngineers  
RENEWABLE NATURAL GAS MARKET    
CategoryWinnerRunner-up
Best broker Karbone  
Best trading company STX Group Anew
Best advisory/consultancy Anew STX Group
Best verification company Weaver  

STX Group also had a strong showing in the Renewable Energy Certificates rankings, as it was voted the best provider in seven categories.

It dominated the European market, winning three out of four categories, including Best broker, Best trading company and Best advisory. It was also named Best trading company in North America and APAC, and in the Renewable Identification Numbers and renewable natural gas markets. It was also named a runner-up in several other categories.

Karbone three categories in this year's certificates rankings, including Best broker for North America, and in the Renewable Identification Numbers and renewable natural gas markets.

Anew Climate topped the rankings as Best advisory in North America and Best advisory/consultancy in the Renewable Identification Numbers and renewable natural gas markets.

ICE was named Best exchange/clearing house for Europe and North America, while EcoEngineers and Weaver were readers' Best verification company for the Renewable Identification Numbers and renewable natural gas markets respectively.

Environmental Finance would like to congratulate to all this year's winners and runners-up.

How the rankings were conducted

Companies were emailed in November 2024 and asked to nominate the leading traders, brokers, and service providers in the markets covering carbon emissions and green certificates, via an online survey.

They were asked to vote only in those categories in which they had direct experience and to make their judgements based on efficiency and speed of transaction; reliability; innovation; quality of information and services provided; and influence on the market, not just the volume of transactions handled.

Around 1,000 completed responses were received. Only one vote per company site was allowed and those firms that nominated themselves had their votes disregarded.

 

Cookies on Environmental Finance

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here