Carbon Markets

ALERT: Australian CO2 spot price breaks through $19/t to new record high

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The price of Australian carbon credit units (ACCUs) continues to break new ground, reaching $19/t on Thursday, a new record high, as the market continues to be buoyed by increasing voluntary activity by large corporate emitters.

RepuTex’s ACCU benchmark price index, which compiles aggregate ACCU transaction data from market participants, is up 15% calendar year-to-date, with current prices reflecting a new higher pricing regime following the government’s broad statement of support for a net-zero emissions target in early February. Since that point, prices have climbed from $16.50/t to breakthrough $19/t.

While spot market action is underpinned by a number of small transactions (around 10-15,000 units), forward contracting between project developers and large corporates has surged year-to-date, with the majority of transactions occurring off-market as high emitting companies seek to source credits to sure up longer term supply in support of carbon neutrality goals, and their longer-term compliance risks.

As noted in our earlier update, forward contracts continue to be struck at significant premiums to current spot prices, with a

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