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Highlights
- Safeguard participation in the Australian carbon credit unit (ACCU) market continues to grow. Holdings in Safeguard and Safeguard related accounts increased by 3.0 million to 22.6 million in Q2 2024. This consolidation of holdings by Safeguard is mainly in anticipation of future year compliance obligations.
- At the end of Q2 2024, 7.7 million ACCUs had been issued. A further 6.2 million ACCUs in crediting applications were under assessment at the end of Q2 2024. Supply remains on track for 20 million ACCUs to be issued in 2024.
- Since 12 January 2023, ACCUs delivered under Commonwealth carbon abatement contracts are held in the cost containment measure. At the end of Q2 2024, the cost containment measure held 2.6 million ACCUs.
- The 4th pilot exit window for fixed-delivery carbon abatement contracts was announced in Q2 2024. It includes a requirement to deliver at least 20% of ACCUs in a milestone before the remainder can exit. At the end of Q2 2024, 1.6 million ACCUs had been delivered against milestones and 1.0 million ACCUs had exited via the 4th pilot window. ACCUs that have exited are no longer under Commonwealth contract delivery obligation and can be used at the owner’s discretion.
- The generic ACCU spot price remained stable in Q2 2024 averaging $33.47.
- Total renewable installed capacity could exceed 7 gigawatts (GW) in 2024.
- The estimate for large-scale renewable power station capacity to be approved to generate large-scale generation certificates (LGCs) in 2024 has been upgraded to 3-4 GW from 2.5-3.0 GW. This is based on 1.4 GW being approved in the first half of 2024 and 2.5 GW of applications being under assessment at the end of Q2 2024.
- Rooftop solar is being installed by Australians as expected and on track for 3.1 GW to be installed in 2024. In Q2 2024, 0.76 GW of rooftop solar capacity was installed, 6% higher than Q2 2023.
- In the first half of 2024, 5.8 million LGCs were cancelled for non-Renewable Energy Target (non-RET) demand, 11% higher than the first half of 2023. LGC demand from non-RET cancellations point to a tight LGC market for the rest of 2024 and 2025.
- For the Q2 2024 compliance period, 9.5 million small-scale technology certificates (STCs) were surrendered, a compliance rate of 100%. Following the Q2 2024 compliance period surrender, the STC clearing house was in a deficit of 3.1 million STCs.
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Data workbook
QCMR data workbook - June Quarter 2024 ( 1008.94 KB xlsx )
The QCMR data workbook – June Quarter 2024 contains the data underlying the figures in the report as well as additional data.
Media release
Read the media release: New large-scale renewables strengthen according to the latest Quarterly Carbon Market Report.