Booking Holdings closed 2025 with solid financial growth, supported by strong global travel demand. The global travel platform reported solid increases in revenue, bookings, and cash flow during the year.

At the same time, it made further progress toward its net-zero target by 2040. Operational emissions remain sharply lower than pre-pandemic levels, supported by renewable electricity and efficiency gains. As travel demand expands, the company is working to balance business growth with long-term emissions reduction commitments across its value chain.

Booking Holdings reported $26.9 billion in revenue for full-year 2025, up 13% year over year. Gross bookings reached $186.1 billion, a 12% increase compared with 2024. Room nights booked totaled 1.235 billion, rising 8% year over year.

Profitability remained strong. Adjusted EBITDA reached $9.9 billion, up 20%, while the adjusted EBITDA margin improved to 36.9%, compared with 35.0% in 2024. Free cash flow increased 15% to $9.1 billion.

However, net income declined to $5.4 billion, down 8% year over year, reflecting higher expenses and investment costs. Net income margin stood at 20.1%, compared with 24.8% in 2024.

In the fourth quarter alone, Booking generated $6.3 billion in revenue, up 16% year over year. Gross bookings for the quarter reached $43.0 billion, also up 16%. Room nights rose 9% to 285 million.

The results show continued strength in leisure travel and alternative accommodations across major markets.

Diversified Business Drives Growth

Booking Holdings operates several major travel platforms, including Booking.com, Priceline, Agoda, KAYAK, and OpenTable. Its growth in 2025 came from multiple segments. Alternative accommodation options grew. Also, flight bookings and attraction services became more popular.

The company’s global footprint across more than 200 countries provides geographic diversification. This helps reduce exposure to single-market disruptions.

Booking continues to invest in technology and artificial intelligence to improve the user experience. The company is integrating AI tools to personalize travel planning and enhance partner services.

At the same time, cost discipline helped lift margins. The company balanced investments with efficiency measures, supporting its improved adjusted EBITDA margin.

Science-Based Targets Shape the 2040 Roadmap

Alongside financial growth, Booking Holdings continues to advance its climate goals. The company has committed to reaching net-zero greenhouse gas emissions by 2040. Its climate targets have been validated by the Science Based Targets initiative (SBTi).

Booking aims to reduce Scope 1 and Scope 2 emissions by 95% by 2030, compared with a 2019 baseline. These emissions come mainly from office energy use and direct operations.

The company has already made major progress. Operational emissions (Scope 1 and 2) have declined by approximately 85% compared with 2019 levels. This reduction mainly came from using 100% renewable electricity for office operations. It has also improved energy efficiency.

Scope 1 and 2 emissions represent only about 1% of Booking’s total emissions footprint.

The 99% Challenge: Decarbonizing the Value Chain

The vast majority of Booking Holdings’ emissions fall under Scope 3, which includes indirect emissions from its value chain. Scope 3 emissions account for roughly 99% of the company’s total greenhouse gas emissions.

These emissions come from areas such as:

• Purchased goods and services
• Business travel
• Employee commuting
• Capital goods

Reducing Scope 3 emissions is more complex because they depend on third parties. However, Booking has committed to cutting Scope 3 emissions by 50% by 2030 and 90% by 2040, compared with 2019 levels.

The company continues to refine its emissions accounting methods to improve data quality and reporting accuracy. Better data helps identify the largest sources of emissions and target reduction strategies.

Scope 3 reductions will depend on collaboration with partners, suppliers, and travel service providers.

Expanding Sustainable Travel Options

Booking Holdings has also focused on helping travelers make more sustainable choices. Through its platforms, the company highlights accommodations with recognized sustainability certifications. This allows customers to see properties with verified environmental practices.

The company works with partners to improve sustainability standards and reporting transparency. It also collaborates with external organizations to align with global frameworks.

In previous years, Booking set a target for a large share of bookings to come from properties with sustainability certifications. The company keeps adding sustainability to product design and customer info, even as targets change.

These initiatives aim to support lower-carbon travel behavior while maintaining business growth.

Travel and tourism contribute significantly to climate change. Latest estimates show the global travel and tourism sector made up about 7.3% of total greenhouse gas emissions in 2024, down from 8.3% in 2019.

Managing Climate Risks

Booking recognizes that climate change presents operational and financial risks. Extreme weather events, rising temperatures, and water scarcity can affect travel demand and infrastructure. Destinations vulnerable to climate impacts may face disruptions.

The company evaluates physical and transitional climate risks in its long-term planning. It looks at how policy changes, carbon pricing, and sustainability rules might impact operations and partners.

Booking wants to boost resilience by adding climate risk assessments to its strategy. This will help meet global sustainability expectations.

Profit Expansion Meets Emissions Reduction

Booking Holdings’ 2025 results show that strong travel demand can coexist with advancing climate commitments.

Revenue growth of 13% and adjusted EBITDA growth of 20% demonstrate financial strength. At the same time, the company has significantly reduced operational emissions and set bold long-term reduction goals.

Operational emissions are already down sharply. The next phase will focus on value chain decarbonization. This area represents the largest share of its footprint.

Reaching net-zero by 2040 will require continued collaboration with travel suppliers, property owners, airlines, and technology providers.

As global travel rebounds and expands, emissions management will remain a key challenge for the sector.

Can Travel Growth Align With Net-Zero Goals?

Heading into 2026, Booking Holdings appears financially stable and operationally strong, as stated in its guidance. Solid cash flow and margin expansion provide resources for investment and innovation.

Sustainability will likely remain central to the company’s long-term strategy. Meeting Scope 3 targets and maintaining renewable electricity sourcing will be critical milestones.

The company’s performance in 2025 shows that growth and climate strategy are increasingly linked. Investors and customers alike are paying closer attention to both financial returns and environmental responsibility.

If Booking continues to align revenue expansion with emissions reduction, it could strengthen its position as both a leading travel platform and a climate-conscious global company.

• READ MORE: Greening the Aviation: Lufthansa and Airbus Team Up to Cut Business Travel Emissions Using SAF

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Silver entered 2026 with strong momentum. Prices surged over the past year. Industrial users adjusted to rising costs. Investors returned to the market. At the same time, solar manufacturers began cutting silver use to save money.

Even with a higher supply, the global market stayed in deficit for the sixth straight year. In short, silver’s story in 2026 is one of tight supply, shifting demand, and rising importance.

Silver Prices Rise as Investors Return

Silver prices recently stayed above $78 per ounce, helped by geopolitical tensions and light trading in Asia. After a volatile stretch, the metal was on track for its first weekly gain in four weeks.

J.P. Morgan projects silver could average $81 per ounce in 2026, more than double its 2025 average. Yet the forecast depends on global demand and economic conditions. In 2025, silver jumped by over 130%. Industrial demand and tariff uncertainty fueled the rally. Later, U.S. Federal Reserve rate cuts boosted investor interest.

However, high prices bring challenges. Investors benefit, but industrial users face rising costs. Prolonged price pressure could reduce demand and cause more volatility.

• READ MORE: Silver Price Hits $64 as Supply Deficit Enters Fifth Year, Prices May Reach $100/Oz 

Solar Manufacturers Cut Usage as Costs Climb

One of the most significant shifts in 2026 comes from the solar sector. According to BloombergNEF, solar manufacturers—the largest industrial consumers of silver—are accelerating efforts to reduce silver intensity in photovoltaic (PV) modules.

Silver demand from PV installations is expected to fall to roughly 194 million ounces, or about 6,028 metric tons, this year, marking a 7% year-on-year decline. This drop comes even as global solar capacity continues to expand by around 15%.

Simply put, as manufacturers are using less silver per cell, total silver demand from the sector is projected to decline.

Rising costs explain the shift. Silver now accounts for an estimated 17–29% of PV module costs per watt, up sharply from just 3% in 2023. As prices climbed toward and even above $80 per ounce, manufacturers intensified substitution efforts.

Chinese Solar Makers Lead the Silver Substitution Push

Chinese producers are leading the transition. Longi Green Energy Technology Co. announced plans to replace silver with base metals such as copper in its back-contact cells, with mass production expected in the second quarter of 2026. Similarly, Jinko Solar Co. signaled large-scale copper-based panel production, while Shanghai Aiko Solar Energy Co. has already launched silver-free solar cells.

However, substitution remains technically challenging. Copper can increase assembly costs and raise reliability concerns. Moreover, certain technologies, such as TOPCon cells, are less compatible with alternative metals due to high-temperature fabrication processes. As a result, silver continues to play a central role in high-efficiency solar designs, even as overall usage declines.

So, What’s Fueling Silver Demand in 2026?

Industrial Segments

Although solar demand softens, other industrial segments continue to support silver consumption. The Silver Institute highlighted strong structural growth in data centers, artificial intelligence infrastructure, and the automotive sector. This is because it conducts electricity better than almost any other metal. As electrification and digital growth continue, these sectors help support steady industrial demand.

• Notably, the automotive industry will account for 59% of the share by 2031.

Investment Demand

On the other hand, investment demand is rising. Global physical investment is forecast to increase about 20% to 227 million ounces, reaching a three-year high. Western investors are returning after several weak years, supported by strong prices and economic uncertainty. At the same time, investment demand in India remains strong, helped by positive sentiment and recent gains.

Supply Growth Fails to Close the Gap

On the supply side, total global output is projected to increase 1.5% in 2026, reaching a decade high of 1.05 billion ounces. Mine production is expected to rise modestly to around 820 million ounces, supported by stronger output from existing operations and recently commissioned projects.

• Growth is anticipated in Mexico’s primary silver mines and at China Gold International’s Jiama polymetallic mine.
• In Canada, new and expanding projects such as Hecla’s Keno Hill and New Gold’s New Afton are contributing additional supply.
• By-product silver from gold mines is also expected to increase, with gains from operations including Barrick’s Pueblo Viejo in the Dominican Republic and Gold Fields’ Salares Norte in Chile.

Recycling is expected to climb 7%, surpassing 200 million ounces for the first time since 2012. High prices encourage consumers to sell scrap, especially silverware.

Even so, the market remains undersupplied. The Silver Institute forecasts a 67 million-ounce deficit in 2026. As a result, the market relies on stored silver reserves, adding pressure to an already tight supply.

BHP and Wheaton Strike a Record Silver Deal

Corporate activity reflects silver’s strength. BHP entered a long-term streaming agreement with Wheaton Precious Metals Corp. BHP received $4.3 billion upfront in exchange for silver linked to its share of production at the Antamina mine in Peru.

This deal, the largest streaming transaction by upfront payment, lets BHP monetize silver as a by-product while keeping full exposure to copper, zinc, and lead. It doesn’t affect BHP’s joint venture rights or customer contracts.

Strategically, the deal shows how miners turn non-core metals into cash to strengthen balance sheets and fund growth projects.

2030 Outlook: Silver Demand and Supply

A research paper published recently looked at how much silver the solar industry may require by 2030. It also considered demand from other industries that use silver, such as electronics and automotive.

The findings raise concerns.

• By 2030, total silver demand could reach 48,000 to 54,000 tons per year. However, supply may only cover 62% to 70% of that need. In other words, the world could face a serious silver shortage.

Solar is expected to be the fastest-growing source of demand. The industry alone may require 10,000 to 14,000 tons per year, which could account for 29% to 41% of total supply. At the same time, other industries will continue to use large amounts of silver. Even with slower growth, demand from these sectors could still reach 38,000 to 40,000 tons per year by 2030.

In conclusion, the silver market continues to run in deficit. As long as supply lags total demand, prices may stay high. At the same time, higher prices could speed up substitution and increase volatility.

• ALSO SEE: Why Silver Is the New Gold: Top 3 Silver Stocks to Watch in 2025 

The post Silver in 2026 and Beyond: Rising Prices, Solar Substitution, and a Market Still in Deficit appeared first on Carbon Credits.

Chinese electric vehicle maker BYD has accumulated around 6.2 million carbon credits under Australia’s New Vehicle Efficiency Standard (NVES) scheme. This comes from its strong performance in low-emission vehicle production and sales in the country.

The credits reward manufacturers that make and import vehicles with low greenhouse gas emissions. BYD’s haul reflects the company’s large supply of electric vehicles (EVs) that meet or exceed strict emissions benchmarks.

These credits can be sold to other manufacturers that fall short of efficiency targets. They help other car makers comply with regulatory requirements, which can be costly to miss.

BYD’s strong carbon credit position highlights its quick growth in EV markets. This shows the importance of leading in clean vehicles, especially with carbon pricing and regulations.

How Australia’s NVES Turns Emissions Into Tradable Credits

Australia’s New Vehicle Efficiency Standard aims to cut vehicle emissions over time. It sets yearly targets for average CO₂ emissions of new light vehicle fleets sold in the country.

Manufacturers that sell more low-emission vehicles than required earn credits. Those that sell fewer low-emission vehicles can buy credits to balance their performance.

BYD benefited because its vehicles, especially EVs, have very low tailpipe emissions. Each EV imported or sold that performs better than the standard adds credits to BYD’s account. On the other hand, makers of heavier or higher-emission vehicles might face penalties. They may also need to buy carbon credits to comply.

This system creates a market for credits linked to carbon intensity. It rewards companies that adopt clean tech quickly and penalises those that lag. The 6.2 million-credit total shows BYD’s scale in clean vehicle supply under this compliance scheme.

Why BYD Leads in Carbon Credit Generation

BYD’s strong position in carbon credits reflects its dominance in EV production and global sales trends. Per the NVES data, the Chinese EV maker tops the list of companies earning carbon credits under the scheme.

BYD is now the biggest EV maker globally, beating Tesla in 2025. It has been selling millions of electric cars each year since 2023. The company is also growing in markets like Europe, Latin America, Southeast Asia, and Australia.

This scale makes BYD well-placed to earn credits when regulations reward low-emission vehicles. Other carmakers that depend on internal combustion engine (ICE) vehicles might find it hard to earn similar credits for efficiency or emissions programs.

In some regions — including Europe — BYD is even in talks to supply surplus carbon credits to traditional automakers. The aim is to help those automakers avoid fines under strict EU emissions rules by 2025.

These talks could expand BYD’s reach in carbon credit markets. They might go beyond Australia and into global regulatory frameworks.

From Regulation to Revenue: Carbon Credits as Strategic Assets

Carbon credits have become more important in the auto industry as regulators tighten emissions limits.

Under schemes like Australia’s NVES and the European Union’s emissions regulations, credits act as compliance instruments. They can reduce the cost of meeting regulatory targets for manufacturers.

For example, European automakers can form carbon credit pools. Carbon credit pooling, where companies share or trade surplus credits, is emerging as a compliance method. These pools allow companies that fall short of targets to buy credits from low-emission peers such as BYD or Tesla.

• SEE MORE: Nissan Partners with BYD to Meet EU 2025 Carbon Rules and Avoid Hefty Fines

Tesla has also earned significant revenue from selling regulatory or carbon credits to other automakers. In 2025, the company generated almost $2 billion in total carbon credits from these sales, even as volumes shifted during the year. They are an important, though changing, revenue source for Tesla.

The pooling helps firms avoid large fines for missing emissions caps. In 2025, EU penalties for vehicles that exceed CO₂ limits could run into billions of dollars if automakers do not comply.

Under Australia’s NVES, credits are generated when a manufacturer’s fleet emissions fall below annual targets. While there is no fixed public trading price yet, industry modelling links the credit value closely to the penalty rate of A$100 per g CO₂/km per vehicle, per the NVES Act 2024.

Analysts estimate real trading values may range around A$50–A$60 per unit, or roughly US$32–US$38 at current exchange rates. Using a mid-range estimate of US$35 per credit, BYD’s 6.2 million credits could represent around US$217 million in potential compliance value.

For BYD, credit generation becomes an asset as well as a compliance indicator. It can potentially sell surplus credits to others and strengthen relationships across global auto markets.

This shift reflects a broader trend. More countries are now tying vehicle emissions to tradable credits. This helps boost EV adoption and cut transport emissions.

Policy Pressure Accelerates the EV Shift

Transport is a major source of global greenhouse gas emissions. Light-duty vehicles alone account for a large share of road transport emissions worldwide. Thus, many governments are tightening emissions standards. These include late-decade targets for EV sales and fleet emissions averages.

The European Union wants carmakers to cut average CO₂ emissions a lot by 2025. They aim for zero-emission sales by 2035.

In Asia, BYD is also pushing EV adoption hard, often outpacing legacy brands in unit sales. Its production volume helps it to be a major source of low-emission vehicles.

Australia’s NVES scheme reflects similar intentions. It seeks to shift the vehicle fleet toward cleaner technology by rewarding low emissions and penalizing high emissions. The 6.2 million credits that BYD amassed show the scale of emissions improvement achievable when a market leader focuses on EV supply.

• MUST READ: How BYD’s European Surge and Canada Deal Are Challenging Tesla’s EV Dominance

Legacy Automakers Face a Compliance Squeeze

Traditional or legacy automakers face increasing pressure from efficiency and emissions regulations. Automakers that still sell many ICE vehicles often fall short of targets. This forces them to purchase carbon credits or pay penalties.

Both options can incur high costs. For example, if automakers don’t meet the 2025 emissions targets set by the EU, they could face fines up to $15.6 billion.

BYD’s possible participation in carbon credit pools could be significant for global emissions markets. These structures help companies with low EV production get credits from top EV sellers. The business and compliance value of credits thus goes beyond one scheme or country.

Beyond Sales: BYD’s Long-Term Climate Commitments

BYD’s strong carbon credit position supports its broader sustainability strategy. The company aims to reduce its carbon footprint and align with global climate goals.

The EV maker has committed to achieving carbon neutrality across its value chain by 2045, guided by China’s national dual-carbon goals. It also aims to cut the carbon intensity of its own operations by 50% by 2030 compared with a 2023 base year.

BYD’s sustainability work spans beyond EV sales. It invests in battery technology, solar power solutions, and recycling efforts that support circular energy systems.

Each EV model is designed to support long life and high safety. These models, including those using BYD’s proprietary Blade Battery technology, also enable recycling and reuse.

These efforts reinforce BYD’s positioning not just as an EV maker but as a broader participant in low-carbon technology markets.

A Glimpse of the Auto Industry’s Carbon-Driven Future

BYD’s 6.2 million carbon credits show how regulatory incentives can amplify low-emission technology adoption. They provide a compliance advantage for BYD and a potential revenue stream if credits are sold or pooled.

Credit generation also signals strong EV market performance tied to emissions rules. BYD shows that as carbon pricing and efficiency standards grow, top EV makers can gain both environmentally and financially.

For traditional carmakers, the rise of tradable carbon credits tied to vehicle efficiency will likely remain a key part of emissions compliance strategies.

As global climate policies tighten, carbon credits may increasingly bridge technology gaps and help accelerate the transition to zero-emission mobility.

• READ MORE: Stellantis Korea Turns EV Miles into Cashable Carbon Credits for Owners

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