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This consultation is now closed.

We have published the outcomes on this page.

We’re seeking feedback to:

  • identify market needs and priorities for establishing new market infrastructure

  • test the feasibility of an Australian carbon credit unit exchange trading model. 

Background

Carbon markets play an important role in supporting Australia to meet its legislated climate targets.

We support carbon markets through processes that record, track and monitor the trading of:

  • Australian carbon credit units (ACCUs)
  • Safeguard Mechanism credit units (SMCs)
  • large-scale generation certificates (LGCs)
  • small-scale technology certificates (STCs).

The new Unit and Certificate Registry will be able to connect with other platforms and exchanges. This will facilitate greater investor access and trading in carbon and environmental markets. The registry will replace the Australian National Registry of Emissions Units (ANREU). 

The proposed exchange trading model is designed to: 

  • support market liquidity
  • provide greater transparency and standardisation
  • increase market access
  • encourage the development of more sophisticated financial products and instruments.

The proposed exchange model would operate similarly to the cash equities market. ACCUs can be traded, cleared and settled using existing market infrastructure with an end-to-end solution. This would include connectivity with the new registry.

Who can participate

This consultation is open to:

  • participants in our schemes, including entities creating, holding and trading carbon units and certificates
  • safeguard facilities
  • carbon market participants
  • consultants
  • brokers and intermediaries.

Timeline

  • Opened: 11 October 2024 
  • Closed: 22 November 2024

Consultation documents

Outcomes

We received a total of 35 submissions and undertook 10 consultation roundtable discussions during the consultation period.

Overall, stakeholders noted that the new registry should: 

  • be user friendly and easy to access
  • provide enhanced visibility and management of account holdings
  • have strong security verification and controls. 

There was support for transparent access to co-benefit data related to units and certificates. 

Broker platforms, digital marketplaces and companies supported having direct access to the registry via a secure application programming interface (API) for increased efficiency and to enable real-time analysis and trading.

Stakeholders noted the importance of a carbon exchange and its ability to facilitate more efficient trading. On the proposed exchange trading model, respondents identified issues and challenges associated with the trading of beneficial interests of ACCUs via a Clearing House Electronic Subregister System (CHESS) Depository Interest, as a result of the legislative constraints and balancing liquidity and fungibility needs by limiting the number of listing classes. 

Published responses

We only publish submissions from respondents who gave permission. However, all responses were included in the analysis of this consultation.

Read our response to the consultation submissions.

Next steps

Given the support for interoperability expressed in the submissions, we'll focus on:

  • interoperability and connectivity with external account holder systems and trading platforms
  • transferring ACCUs from the existing ANREU system into the new registry, as this is a critical foundation for further interoperability. 

We expect to finalise ACCU migration in early 2026. We will also work on Renewable Energy Guarantee of Origin, Product Guarantee of Origin and biodiversity certificates later this year. We'll progressively update likely dates during 2025. 

Ongoing targeted consultation on interoperability will inform scoping of a draft ‘registry roadmap’ outlining prioritised features and functions (including co-benefits and the approach to verification). We expect to provide this draft roadmap for stakeholder feedback around September 2025.

We'll consider alternative platforms and other options for exchange trading (including expanded listing classes) over 2025. We'll provide updates and further consulting opportunities as we develop this work.

Contact 

Market-engagement@cer.gov.au