The ACCU spot price has remained relatively steady with the last closing price of $30.3/tCO2e, a 9% increase since the August update. ACCUs sourced from Human-Induced Regeneration (HIR) projects have fallen in premium, with HIR credits trading at only $3 above the spot price, compared to $6.25 last month.
The Labor Government’s Climate Bill has passed the Senate, enshrining the new 43% emissions reduction target by 2030 into law. Off the back of the new targets, the Government is focusing on the reform of the Safeguard Mechanism, one of the key policy mechanisms to help emissions reduction goals. Climate and Energy Minister Bowen released a draft consultation paper on proposed changes to the Safeguard Mechanism, which proposes annual emissions reductions for Australia’s biggest polluters by up to 6% a year.
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