Carbon Markets

MARKET WRAP: The State of the Australian Carbon Market – April Review 2023

Prices for both HIR and Generic ACCUs fell slightly through April, yet both products remained well supported despite liquidity falling off significantly in the second half of the month. Following the passage of the new Safeguard Mechanism reform, the first two weeks of April saw good liquidity, and volumes in the 500-600 thousand unit range (now a typical volume for active weeks in the ACCU market), with the market then entering a holding pattern as counterparties await the progressive entry of large compliance buyers. Notably, the Generic-HIR spread continued to tighten over April, potentialy flagging the expanding nature of the Generic basket, and a shift toward more stripped product offerings for compliance buyers.

The State of the Australian Carbon Market provides a monthly snapshot of activity in the Australian carbon offset and compliance market, reviewing key events, pricing and traded volumes for spot and forward contracts, along with our short-to-medium term outlook for the Australian market dynamics. Analysis also considers activity in the international voluntary carbon market, including voluntary cancellations and monthly pricing trends across key international registries and contracts.

If you have any questions on this report, or you would like to set up a briefing, please contact our Client Services team via email.

Kind Regards,
The RepuTex Team
Australian Energy Markets

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