Carbon Markets

PRICE REPORT: Australian Carbon Offset Market Report: June 21-July 5, 2021

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Dear Subscriber,

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

The Australian carbon market continues to charge ahead, with the ACCU spot price reaching $20/t, a gain of 5% over the fortnight, behind larger spot volumes. The new high is the first time the Australian carbon offset spot market has cleared $20/t, behind growth of 21% year-to-date in our ACCU spot price index, increasing from $16.52/t on 1 Jan-21. The last time any Australian carbon price was over $20/t was under the former Carbon Price Mechanism compliance market, which set a fixed price for carbon permits at $23/t in FY13, rising to $24.15/t in FY14 prior to the scheme’s repeal. Available supply remains thin outside of fixed delivery contracts under the ERF, with ACCU issuance falling 3% compared to the previous corresponding period. The total volume of offsets voluntarily cancelled in Australia grew by 5% since our last update, with cheaper international CERs continuing to make up the bulk of voluntary cancellations, primarily by companies under the Commonwealth Climate Active carbon neutral framework.

The Australian Carbon Offset Market Report provides a snapshot of carbon spot and forward price dynamics, along with ACCU supply and voluntary activity in the Australian carbon market. Analysis considers Australian and international voluntary offset units, including Australian Carbon Credit Units (ACCUs), Gold Standard (VERs), Verra (VCS), and Certified Emissions Reductions (CERs).

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