The Clean Energy Regulator's (CER) Quarterly Carbon Market Report (QCMR) for Quarter 1 (Q1) 2023 has been released and covers landmark reforms to the Safeguard Mechanism.
The reforms will reduce emissions from Australia’s largest emitting facilities by a total of 201 million tonnes of carbon dioxide equivalents by 2030.
CER Chair David Parker said the Safeguard Reforms create a clear incentive for onsite emissions reduction, but also maintain flexibility including through the use of Australian Carbon Credit Units (ACCUs).
“We expect substantial aggregate ACCU supply to 2030 which will need to be complemented by material emissions reductions at source over the period to 2030.”
To find out more, read our Quarterly Carbon Market Report.