Carbon Markets

UPDATE: Low volumes as the market awaits compliance demand, VCM neutral against global uncertainty

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Trading remains lumpy in the Australian Carbon Credit Unit (ACCU) market, as is common in maturing markets, with limited action last week as participants continue to wait for large compliance demand to develop in earnest. With the first compliance deadline under the new Safeguard Mechanism framework not occurring until end-March 2025 (for FY24), potential buyers have set in motion long processes around procurement, SMC-ACCU market analysis, and offtake contracting, with large buyers to incrementally enter the market over the next 12-24 months. Internationally, broader uncertainty around the direction of global markets has seen the VCM continue in a state of low liquidity and limited price actions as traders take a wait-and-see approach.

This report analyses current activity in the Australian and international voluntary carbon markets, including spot and forward price dynamics, and prices by underlying project methodologies. 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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