We operate secure and robust registries and systems to support a vibrant carbon market.
In 2019–20, total carbon abatement from the schemes we administer reached 51.5 million tonnes of carbon dioxide equivalent, up 6.7 million tonnes from 2018–191.
Carbon markets continue to diversify into new sources of demand. There was a marked increase in voluntary and state and territory based surrender of Australian carbon credit units and large-scale generation certificates in 2019–20. A total of 650,000 Australian carbon credit units and 1.16 million large-scale generation certificates were surrendered in 2019–20, up approximately 70 per cent compared with 2018–19 (Figure 6). This growth in voluntary demand is being driven by increasing corporate commitments to use more renewable energy or to become carbon neutral as participants in the Australian Government’s Climate Active program. This trend is expected to continue as more corporates commit to achieving net-zero emissions targets.
In response to growing interest from Australian entities to reduce emissions, we also expanded market education webinars, providing information about Australian carbon market operations and the international context, resulting in improved market transparency and confidence.
We also introduced the Quarterly Carbon Market Report, which brings together information about the three carbon markets we administer and provides a richer understanding of market opportunities.
Further details on the calculation methodology for abatement estimation are set out at http://www.cleanenergyregulator.gov.au/csf/market-information/Pages/quarterly-Market-report.aspx↩