Total ACCU traded volumes of 3.8M were reported via our Survey Panel in August, down from July’s YTD high – yet a significant acceleration year-on-year – with trading activity over Q3-to-date (July-August) nearly double the equivalent period in 2024, suggesting that the traditional seasonal lull has concluded early in 2025. Volumes were underpinned by emerging Safeguard Mechanism compliance demand and continued strength in options trading – which reached the second highest month on record – with delta hedging helping to support a year-to-date high in spot prices.
Positive momentum comes despite a bearish backdrop on the release of the new SFM Avoidance and Sequestration Exposure Draft, which carries the potential for a significant issuance uplift on the improved crediting of sequestration – particularly should back-crediting be allowed – and a large number of projects transition to the new method, both of which remain uncertain, flagged in our earlier analyst briefing (PDF).
This monthly State of the Australian Carbon Market report provides a detailed review of activity in the ACCU spot and derivative markets over the past month, including pricing and traded volumes for spot, forward and options, market depth, net market holdings (inventory), and our OTC ACCU forward curves.
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