auto_stories Quarterly Carbon Market Report December Quarter 2023

What's on this page?

• Highlights
• Data workbook

Highlights

• 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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Data workbook

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

2023 RET Administrative Report

The data and information related to the RET from the December Quarter 2023 QCMR formed the basis of the 2023 RET Administrative Report. The report was tabled in Parliament on 16 January 2025 as required under section 105 of the Renewable Energy (Electricity) Act 2000. The report contains key information and statistics covering the operation of the Act during 2023.