Carbon Markets

MARKET UPDATE: Australian Carbon Offset Market Report: Dec 6 – Dec 17, 2021

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Dear Subscriber,

Our latest Australian Carbon Offset Market Update has now been published.

The price for Australian Carbon Credit Units (ACCUs) has ended the year on a high, climbing an impressive 197% calendar year-to-date behind strong demand from corporate and investor buyers. Spot volumes have surged 221% from a low base in CY20, while private transactions (direct contracting between developers and offtakers), which account for almost ¾ of all volumes, have grown 84% on the same period last year. While the high price environment has led to speculation that project owners may begin to trigger their non-delivery clauses on fixed delivery CACs, we believe this is unlikely to occur, with the Regulator instead likely to provide partial optionality over scheduled deliveries to the ERF, freeing up some supply to fulfill growing private sector demand. Internationally, carbon offset prices have slipped after a notable surge over the proceeding reporting period, with prices in most categories falling back, albeit from near-record high levels.

This report provides a snapshot of current activity in the Australian and international voluntary carbon markets, including spot and forward price dynamics, offset issuance and voluntary cancellations. Analysis considers Australian Carbon Credit Units (ACCUs) and voluntary offsets across key international registries including Verra, Gold Standard, the American Carbon Registry, and the Climate Action Reserve.

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