Carbon Markets

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

Our State of the Australian Carbon Market report for November 2023 has now been published, reviewing activity in the Australian carbon market over the last month.

The Australian Carbon Credit Unit (ACCU) market heated up over November with broker traded volumes reaching a 10 month high behind an uptick in compliance buying, led by demand for Generic ACCUs ex Avoided Deforestation units. High volumes were well absorbed in the oversupplied market, with ACCU prices generally flat month on month and price action continuing to trade in tight ranges. Sellers continue to remain patient with profit targets $5-$10/t above current prices. In the voluntary market, total cancellations remained flat with ACCU cancellations continuing to make up a larger contribution. ACCU cancellations over the month were led by Chevron, which has fallen behind on carbon capture targets set for its for its Gorgon project, regulated by the Western Australian government.

The State of the Australian Carbon Market provides a snapshot of monthly activity in the Australian carbon market, reviewing key events, pricing and volumes for spot and forward contracts, along with our short-to-medium term market outlook.

This report is published under our Australian Carbon Intelligence service. Click below to access the report, or click here to take a tour of our EnergyIQ platform.

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