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Quarterly Carbon Market Report – March Quarter 2022

Key highlights for the first quarter of 2022 include record LGC cancellations and strong pipeline of investment and record ERF project registrations and continued confidence in the scheme.

Contents

Highlights

  • 283,000 ACCUs were voluntarily cancelled in Q1 2022, an increase of 62% on Q1 2021.
  • At the 14th ERF Auction 7.6 million tonnes of carbon abatement was contracted for optional delivery at an average price of $17.35.
  • 122 ERF projects—potentially delivering up to 35 million tonnes of abatement over their project lifetime—were registered in the quarter.
  • 3.2 million ACCUs were transacted through ANREU in Q1 – a record quarterly volume.
  • 1.3 GW of additional renewable energy capacity reached Final Investment Decision (FID) in Q1 2022.
    • More than 3 GW of capacity achieving FID in the 2022 calendar year cannot be ruled out.
    • Total FID capacity for the last three quarters is 3.4 GW.
  • 1.2 million LGCs were voluntarily cancelled in the quarter, a record Q1 volume.
  • Installed rooftop solar PV capacity is 28% lower than in Q1 2021 and tracking to 2.3 GW for 2022 on current trends.
    • The decline this year is in line with the decline in home improvements spending which boomed during the first 2 years of the pandemic.
  • 16.6 million STCs were surrendered against the Q1 STP on 28 April 2022.
  • The STC Clearing House saw material use for the first time since 2017 with 2.9 million regulator created certificates purchased in the lead up to the Q1 surrender.

Click on the image below to download a full-sized version.

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2022 market outcomes and tracking against estimates

Downloads

The QCMR March Quarter 2022 data workbook contains additional data and visualisations not available in the report. Additional data sets and graphs are included in this workbook to provide the market with more information on the performance of the schemes administered by the Clean Energy Regulator.





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