Carbon Markets

UPDATE: Demand for project-specific HIR sees continued ‘due diligence’ premium; consultation opens on landfill gas and methane reporting

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Our latest Carbon Weekly report has now been published, reviewing activity in the Australian and international carbon markets for the period April 29 – 3 May 2024.

The announcement of changes to the CAC exit scheme flowed over into the new week, with over 300,000 units traded last Monday across spot, options, and forward markets, tapering off over the course of the week. Options and forwards trading has continued to become an increasingly popular, with liquidity for 2025 dated contracts continuing to build as participants look to the first compliance deadline under the newly reformed Safeguard Mechanism. Elsewhere, convergence in HIR ACCU pricing remains isolated to the brokered market, with demand for project-specific HIR units seeing pricing above the brokered market, yet largely reflecting a ‘due diligence’ premium.

In a busy week for government consultation, on Friday, DCCEEW released a long-awaited Options Paper on proposed changes to the landfill gas (LFG) method, including the re-setting of default baseline factors. On Tuesday, the Regulator announced consultation on proposed updates to the NGER Scheme – including the measurement of fugitive emissions from open‑cut coal mines – each of which could have material implications for supply-side and demand-side market dynamics.

RepuTex’s Carbon Weekly report analyses recent activity in the Australian and international voluntary carbon markets, including our ACCU spot price assessment by method, spreads, forward activity, traded volumes, and key market developments. Analysis considers the Australian market along with international registries including Verra, Gold Standard, the American Carbon Registry, and the Climate Action Reserve.

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