Our latest Carbon Weekly report has now been published, reviewing activity in the Australian and international carbon markets for the week 16 – 20 October, 2023.
On Friday the Commonwealth announced its proposed updates to the Climate Active program, responding to criticism levelled at the scheme by requiring members to set near- and long-term emissions targets for their scope 1, 2 and 3 gross emissions. While proposed reforms aim to promote meaningful direct emissions reductions, offsets will continue to play a large role. Notably, no changes to the list of eligible international units is proposed, while a 5-year rolling vintage limit will be implemented. This will see low-cost CERs, widely referred to as ‘junk’ offsets, remain the dominant unit within Australia’s voluntary market for the next several years. In this update, we break down the numbers, and provide further detail on the government’s proposed reform. In addition, we summarise Friday’s release of new multi-year monitoring period guidance, and the publication of updated production variables, impacting industry average emissions intensities under the Safeguard Mechanism.
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.