Our Annual Review of the Australian carbon market for 2025 has now been published, measuring market value across the spot and derivative carbon markets based on traded activity (ACCUs and SMCs) in the over-the-counter (OTC) and exchange traded markets.
Key findings include:
- The Australian carbon market expanded in 2025, with total traded market value growing to A$1.4 billion – growth of over 3.5x in three years – on increased compliance demand under Australia’s Safeguard Mechanism compliance scheme.
- Total traded volumes reported via RepuTex’s daily Survey Panel reached a record high of almost 41 million in 2025 (1.8x the volumes reported by any other single data source), surpassing 40 million for the first time, with the number of reported transactions increasing by 30% year-on-year.
- Set against flat prices year-on-year, this expansion in turnover – occurring without a corresponding rise in prices – reflects the well-supplied nature of the market, currently in annual surplus, with expansion therefore driven by higher participation.
- Spot trades made up the bulk of reported transactions (+37% count year-on-year), yet total spot volumes grew more marginally.
- OTC options again led total derivatives activity, with the value of contracts traded over 2025 doubling. This saw options emerge as the fastest-growing segment in 2025, pointing to increased use of structured products for flexibility and risk management.
- Momentum in forward and futures markets (excluding offtakes) stalled over 2025, with forwards and futures contracting by volume and value, suggesting reduced appetite for fixed price risk management strategies relative to spot and option contracting.
- Trading activity remained highly concentrated in OTC markets
In this semi-annual update, we also present our League Tables for H2 2025, detailing broker market share and rankings by traded market and product, along with market share by proponent, agent, and aggregator.
This report is published under our Australian EnergyIQ and Carbon Intelligence services. Click below to access this full market briefing (PDF).
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