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  • In 2023, schemes we administer reduced emissions by 65.5 million tonnes of carbon dioxide equivalent (CO2-e), 5.5% more than 2022. 
  • In 2023, 17.2 million ACCUs were issued, with 4 million ACCUs issued in Q4 2023. We expect to issue a record of at least 20 million ACCUs in 2024.
  • In Q4 2023, ACCU holdings in the Australian National Registry of Emissions Units (ANREU) grew by 2.7 million to a total of 36.2 million at the end of 2023. 
    • In the second half of 2023 Safeguard holdings grew by 4.1 million to 7.4 million ACCUs.  
  • In 2023, a total of 5.3 GW of renewable capacity was added.
  • In Q4 2023, 0.65 GW of newly completed capacity was approved by the CER to generate large-scale generation certificates (LGCs). In 2023, 2.2 GW of newly completed capacity was approved, down from 2.5 GW in 2022.
  • In 2023, 8.7 million LGCs were cancelled for non-Renewable Energy Target (non-RET) demand, an annual record. We expect a record 10 million LGC cancellations for non-RET demand in 2024.
  • In 2023, 3.1 GW of rooftop solar was installed compared to 2.8 GW in 2022. This is the second highest annual capacity installed, just short of the record 3.2 GW installed in 2021. 
    • We expect around 3.1 GW to be installed in 2024. An annual record may be set if the upward trend from 2022 to 2023 continues.
  • Air source heat pump installations continue to grow, with a record 135,000 installations in 2023.  

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QCMR Q4 2023 infographic
2023 December quarter market outcomes and tracking against estimates

Data workbook

QCMR data workbook - December Quarter 2023 ( 998.31 KB xlsx )

The Quarterly Carbon Market Report data workbook - December Quarter 2023 contains the data underlying the figures in the report as well as additional data.