Today is Friday, April 19, 2024.
In order to facilitate trading of the Australian carbon credit units (ACCUs), a centralised Australian Carbon Exchange is being developed together with the Australian Securities Exchange (ASX).
In parallel, a new and improved Unit & Certificate Register is also being prepared. This registry is under responsibility of Trovio Group.
Originated in eligible projects, ACCU is a tradable financial product and can be sold on the secondary market or to the Australian Government. One ACCU is equivalent to one tonne of carbon dioxide
Eligible projects can include activities like:
reforestation and afforestation
energy efficiency improvements
landfill gas collection and combustion
waste reduction
agricultural practices
savanna fire management
You can read more about the Australian carbon credit units here and the ACCU Scheme methods here.
The main source of data on the Australian carbon markets are know as Quarterly Carbon Market Reports (QCMRs).
According to the QCMR December Quarter 2023, 65.5 million tonnes of carbon dioxide equivalent were abated that year, 5.5% more than 2022. A record 11 million ACCUs were issued in the second half of 2023. And a new record of ACCUs is expecte for 2024.
$33.75 was the spot price of one ACCU in 31 December 2023. See Figure 1.5. Volume weighted average of the generic ACCU spot price. And the other figures of interest selected below.
Current expectations is that the new Unit & Certificate Register will be operating by mid-2025 while the Australian Carbon Exchange will launch between late 2024 to early 2025, pending consultation with the market.
In spite of the unbalance offer-demand (lower part of the picture), Australia seems to be taking a criterious steps towards their carbon credit market.
Click at the image below to go to the Australian Carbon Exchange portal.
With around 26 million inhabitants, Australia is a continental country surrounded by the Indian and Pacific Oceans. Among others, the country is known for the Great Barrier Reef, the largest coral reef system in the world, and the vast interior desert called the Outback. Not long ago we made a very interesting post about how to charge electric vehicles in a desert biome in Australia.
