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The Clean Energy Regulator (CER) held Auction 15 on 29 and 30 March 2023. At Auction 15, the CER contracted 7.9 million tonnes of carbon abatement at an average price of $17.12. This represents a 4% increase in volume on the previous auction. This is the first auction held after the Independent Review of ACCUs affirmed that the ACCU scheme arrangements are sound.
Mr David Parker, Chair of the Clean Energy Regulator, said: 'The ACCU scheme continues to play an important role in supporting Australia to achieve its emissions reduction target of 43% by 2030, as part of a climate policy toolkit which includes the recent Safeguard Mechanism reforms.'
At Auction 15, the CER awarded 24 new optional delivery contracts, nominally valued at $134.6 million – 92% of these funds support projects in regional and rural areas. Optional delivery contracts provide the right but not the obligation to sell carbon abatement to the Australian Government.
'Australia's carbon market continues to evolve with increasing demand from the private sector for ACCUs. The optional delivery contracts awarded support this evolution by de-risking investment in projects while facilitating liquidity in the secondary market if contract holders choose to sell their ACCUs to others for voluntary or compliance purposes,' said Mr Parker.
Over 360 ACCU scheme projects were registered in the 12 months before Auction 15, a 45% increase over the previous 12 months. The total number of registered projects now exceeds 1,500 with over 124 million tonnes of abatement achieved to date. This is the equivalent of a quarter of Australia's annual emissions.
Successful bids included projects across vegetation, waste and energy efficiency methods. In accordance with the Code of Common terms for this auction, projects which can claim ACCUs for reducing covered emissions from the operation of Safeguard-covered facilities will not be able to deliver ACCUs to the Australian Government when the Carbon Credits (Carbon Farming Initiative) Amendment (No.2) Rules 2023 are implemented.
For auction results, see Auction Results: March 2023.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.