Carbon and credits
Obligated buyer
An obligated buyer purchases because a rule or their own business forces them to, not out of goodwill. A thermal plant required to co fire biomass. A company that promised net zero and needs real removal. Their demand survives a bad quarter, which voluntary demand does not.
The distinction matters when deciding what to build, because obligated demand holds steady through a downturn.
It is the reason the revenue lines on an integrated site are chosen around requirement rather than around sentiment.