Regulator data shows Australian near-term offset supply sufficient, but question marks ahead
With more than 5 million carbon credits sitting in the national offset registry, Australian developers are likely able to meet demand for the 2019-20 financial year, but the market could tighten considerably as issuance volume might shrink next year while government demand has yet to peak, Clean Energy Regulator data showed Friday.
Read MoreWarning signs for Australia’s offset market despite record issuance
Australia’s Clean Energy Regulator issued a record 13.66 million carbon credits in FY2018-19, according to its annual report released on Thursday, but data also showed that new project development fell by more than 50% while the government’s Emissions Reduction Fund cancelled contracts for more offsets than it signed.
Read MoreAustralia’s Queensland issues tender for 90,000 ACCUs
The Queensland government in Australia is looking to buy over 90,000 carbon credits through its CarbonPlus Fund to offset emissions from its vehicle fleet.
Read MoreCO2 price could put Australia’s power emissions in line with Paris pact -utility
Australia needs a carbon price for its electricity sector to ensure continued emission cuts, though the sector could deliver much deeper reductions at only modest cost to consumers, Origin Energy said Wednesday.
Read MoreTax CO2 from largest emitters $75/t by 2030 to avoid 2C temperature rise, says IMF
A global temperature rise of 2 degrees C could be avoided if large emitting countries collectively adopt a carbon tax of $75/tonne by 2030, as well as other ambitious actions, according to a report by the International Monetary Fund.
Read MoreAustralia’s weekly offset issuance tops 460,000 credits
Australia’s Clean Energy Regulator issued over 460,000 carbon credits this week, surpassing 12 million offsets in 2019 as vegetation and waste projects continue to dominate the programme.
Read MoreAustralia’s Woodside Energy signs carbon offset project deal
Oil and gas company Woodside Energy has teamed up with environmental firm Greening Australia to carry out a large-scale tree planting project that is expected to generate 1 million offsets over the next 25 years.
Read MoreArticle 6 failure at COP25 could force bilateral carbon market links, experts say
Failure to agree on rules for Article 6 at this year’s UN climate talks in Chile could see countries like Australia and New Zealand forging their own bilateral links to get access to the international credits they need to fulfil their Paris Agreement pledges, market experts warned Wednesday.
Read MoreICAO moves toward long-term GHG goal, CORSIA launch despite opposition from 25 nations
ICAO’s Assembly on Friday backed the progression of work on setting a long-term emissions target for aviation and to advance the UN body’s CORSIA global offsetting mechanism towards operationalisation, though a fifth of the countries in attendance voted against the two resolutions in a surprise secret ballot.
Read MoreCARBON FORWARD 2019 – UK climate minister Duncan to deliver keynote speech
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