# Australia: 208 big emitters must cut baselines 4.9% a year, settling the gap with ACCUs near A$38

_Last checked 2026-11-12 · https://asiacarbondesk.com/australia-safeguard-mechanism/_

Since the 2023 reform, Australia's Safeguard Mechanism lowers each large facility's emissions baseline by 4.9% a year to 2030. Facilities above their baseline surrender ACCUs or SMCs; in 2024–25 they handed in 13.4 million units. The generic ACCU spot price ended June 2026 at A$37.95, well under the A$87.72 cost containment price.

## Key facts

- Generic ACCU spot price: A$37.95 (end of Q2 2026 · A$36.28 at end of Q1)
- Cost containment price 2026–27: A$87.72 (per ACCU · rises at CPI + 2% a year)
- Baseline decline: 4.9% (a year to 30 June 2030; indicative 3.285% after)
- Covered facilities 2024–25: 208 (each over 100,000 tCO2e a year · 219 in 2023–24)
- Covered emissions 2024–25: 132.8 Mt (29.9% of national emissions · baselines 126.2 Mt)
- Units surrendered 2024–25: 13.4m (10.8m ACCUs + 2.6m SMCs)

## In brief

- Facilities emitting more than 100,000 tCO2e a year are covered: 208 in 2024–25, with 132.8 Mt of covered emissions, or 29.9% of Australia's total.
- Since 2023–24 baselines fall 4.9% a year to 2029–30; the 2023 Act caps net safeguard emissions at 1,233 Mt over 2020–30 and 100 Mt in 2029–30.
- For 2024–25, 141 facilities exceeded baselines by 13.7 Mt in total and surrendered 10.8 million ACCUs and 2.6 million SMCs; 98.6% complied by 1 April 2026.
- The generic ACCU spot price has stayed between A$30.75 and A$38.50 at quarter ends since mid-2022, far below the cost containment price of A$87.72 for 2026–27.

## Generic ACCU spot price at quarter end (A$ per ACCU)

| Period | A$/ACCU |
|---|---|
| Q2 2022 | 35.1 |
| Q3 2022 | 30.75 |
| Q4 2022 | 33.8 |
| Q1 2023 | 38.5 |
| Q2 2023 | 31.85 |
| Q1 2024 | 33.75 |
| Q2 2024 | 34.34 |
| Q3 2024 | 36.25 |
| Q1 2025 | 33.08 |
| Q2 2025 | 35.45 |
| Q3 2025 | 37.43 |
| Q4 2025 | 36.6 |
| Q1 2026 | 36.28 |
| Q2 2026 | 37.95 |

## Cost containment price for safeguard entities (A$ per ACCU)

| Period | A$/ACCU |
|---|---|
| 2023–24 | 75 |
| 2024–25 | 79.2 |
| 2025–26 | 82.68 |
| 2026–27 | 87.72 |

## ACCUs issued each calendar year (million)

| Period | million ACCUs |
|---|---|
| 2013 | 3.88 |
| 2014 | 7.62 |
| 2015 | 7.87 |
| 2016 | 13.13 |
| 2017 | 12.17 |
| 2018 | 12.44 |
| 2019 | 14.83 |
| 2020 | 16.05 |
| 2021 | 17.04 |
| 2022 | 17.74 |
| 2023 | 17.22 |
| 2024 | 18.78 |
| 2025 | 21.65 |

## Safeguard baselines vs covered emissions (MtCO2e)

| Period | Total baselines | Covered emissions |
|---|---|---|
| 2020–21 | 179.8 | 137.1 |
| 2021–22 | 175.6 | 137.5 |
| 2022–23 | 171.6 | 138.6 |
| 2023–24 | 136.1 | 136 |
| 2024–25 | 126.2 | 132.8 |

## ACCUs and SMCs surrendered for safeguard compliance, by calendar year (million)

| Period | million units |
|---|---|
| 2018 | 0.39 |
| 2019 | 0.14 |
| 2020 | 0.06 |
| 2021 | 0.12 |
| 2022 | 0.35 |
| 2023 | 0.24 |
| 2024 | 1.53 |
| 2025 | 10.08 |

## Baseline scaling factor after the 4.9% annual decline (% of starting baseline)

| Period | % of starting baseline |
|---|---|
| 2023–24 | 95.1 |
| 2024–25 | 90.2 |
| 2025–26 | 85.3 |
| 2026–27 | 80.4 |
| 2027–28 | 75.5 |
| 2028–29 | 70.6 |
| 2029–30 | 65.7 |
| 2030–31 | 62.4 |

## From the 2007 reporting law to the 2030 settings

| Date | Event |
|---|---|
| 2007-09-28 | National Greenhouse and Energy Reporting Act, the legal base of the Safeguard Mechanism, receives assent. |
| 2011-09-15 | Carbon Credits (Carbon Farming Initiative) Act, the legal base of ACCUs, receives assent. |
| 2016-07-01 | The Safeguard Mechanism begins. |
| 2023-04-11 | Safeguard Mechanism (Crediting) Amendment Act 2023 receives assent: SMCs and a 1,233 Mt budget for 2020–30. |
| 2023-07-01 | Reformed baselines begin falling 4.9% a year; cost containment price set at A$75 for 2023–24. |
| 2026-04-01 | 2024–25 compliance deadline: 205 of 208 facilities compliant. |
| 2026-04-15 | Regulator publishes 2024–25 data: 132.8 Mt covered emissions. |
| 2026-08-07 | Department releases its Safeguard Mechanism review consultation paper. |
| 2026-08-20 | ACCU Scheme amendments introduced to Parliament. |
| 2026-12 | Full September Quarter 2026 market report expected by mid-December. |
| 2030-07-01 | Review changes generally take effect; decline rates then set in 5-year blocks. |

## How a safeguard facility complies

| Step | What happens |
|---|---|
| Report emissions | Covered scope 1 emissions are reported under the NGER Scheme for each financial year. |
| Baseline is set | Production × emissions intensity, scaled down 4.9% a year since 2023–24. |
| Below baseline | The facility may apply for SMCs, 1 per tonne under its baseline, to sell or bank. |
| Above baseline | Before 1 April it surrenders ACCUs or SMCs, or uses a flexibility measure (TEBA, borrowing, multi-year period). |
| Price backstop | If the market is dearer, it can buy ACCUs from the government at A$87.72 (2026–27). |

## Who is covered

| Item | Rule |
|---|---|
| Threshold | More than 100,000 tCO2e of covered scope 1 emissions a year |
| Sectors | Mining, oil and gas, manufacturing, transport and waste |
| Facilities covered | 208 in 2024–25 (219 in 2023–24) |
| Share of national emissions | 29.9% (2024–25) |
| Electricity | Grid generators share one sectoral baseline of 198 MtCO2e a year |
| New facilities | Began all commercial production on or after 1 July 2023: best-practice or default intensity |
| Trade-exposed relief | Decline rate as low as 1% (manufacturing) or 2% for 3 years |
| Legal limits | 1,233 Mt net over 2020–30; 100 Mt in 2029–30; zero after June 2049 |

## ACCUs and SMCs at a glance

| Item | Status |
|---|---|
| ACCU | 1 unit per tCO2e stored or avoided by a registered project |
| SMC | 1 unit per tCO2e below a facility's baseline; not an offset |
| Surrendered for 2024–25 | 10.8m ACCUs + 2.6m SMCs by 139 facilities |
| SMCs issued for 2024–25 | 6.7 million, to 54 responsible emitters |
| Heavy ACCU users | Surrendering ACCUs ≥30% of baseline requires a public explanation (23 facilities in 2024–25) |
| Cost containment | A$87.72 per ACCU in 2026–27; 6.1m ACCUs held (30 Sep 2026) |
| ACCUs issued | 21.7m in 2025; 19.1m in January–September 2026 |
| Registry holdings | 68.9m ACCUs and 11.0m SMCs (30 Sep 2026) |

## All figures

| Item | Value | Source | Checked |
|---|---|---|---|
| Coverage threshold | More than 100,000 tCO2e of covered (scope 1) emissions a year | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism) | 2026-11-12 |
| Covered sectors | Mining, oil and gas production, manufacturing, transport and waste facilities | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism) | 2026-11-12 |
| Scheme start date | 1 July 2016 | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism) | 2026-11-12 |
| National targets the scheme is aligned with | 43% below 2005 levels by 2030; net zero by 2050 | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism) | 2026-11-12 |
| Covered facilities, 2024–25 | 208 facilities (219 in 2023–24) | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| Share of national emissions, 2024–25 | 29.9% of Australia's total emissions | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| Covered emissions, 2024–25 | 132.8 MtCO2e, 2.3% less than 2023–24 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/safeguard-data) | 2026-11-12 |
| Total baselines, 2024–25 | 126.2 MtCO2e, 7.3% less than 2023–24 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/safeguard-data) | 2026-11-12 |
| Total net emissions, 2024–25 | 120.3 MtCO2e after ACCU and SMC surrenders (5.5% less than 127.3 Mt in 2023–24) | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| Facilities above baseline and total excess, 2024–25 | 141 facilities; total excess 13.7 MtCO2e (9.2 Mt in 2023–24) | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| Units surrendered for 2024–25 | 13.4 million: 10.8m ACCUs + 2.6m SMCs, by 139 facilities | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| SMCs issued for 2024–25 | 6.7 million (8.3 million for 2023–24), to 54 responsible emitters | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| Compliance rate, 2024–25 | 205 of 208 facilities (98.6%) compliant on 1 April 2026 | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| Facilities in excess on the deadline, 2024–25 | 3 facilities; 317,212 tCO2e in excess on 1 April 2026 | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| ACCU use above 30% of baseline | Facilities surrendering ACCUs ≥30% of baseline must explain; 23 facilities triggered this for 2024–25 | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| Baseline decline rate to 2029–30 | 4.9% a year through to 30 June 2030 | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/safeguard-baselines) | 2026-11-12 |
| Indicative decline rate from 2030–31 | 3.285% a year (indicative; set in 5-year blocks from 1 July 2030) | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/safeguard-baselines) | 2026-11-12 |
| Emissions reduction contribution table | Scaling factor 95.1% (2023–24) falling 4.9 points a year to 65.7% (2029–30), 62.4% from 2030–31 | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/safeguard-baselines) | 2026-11-12 |
| Trade-exposed (TEBA) decline rate | As low as 1% (manufacturing) or 2% (non-manufacturing) for 3 years | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/managing-excess-emissions) | 2026-11-12 |
| TEBA cost test | Compliance cost above 3% of revenue (non-manufacturing) or EBIT (manufacturing) | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/managing-excess-emissions) | 2026-11-12 |
| Borrowing adjustment | Borrow up to 10% of next year's baseline; next baseline cut by the amount plus 10% | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/managing-excess-emissions) | 2026-11-12 |
| Multi-year monitoring period | 2 to 5 years, ending no later than 30 June 2030 | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/managing-excess-emissions) | 2026-11-12 |
| Civil penalty | 1 penalty unit per tonne of excess plus 100 penalty units a day for up to 2 years | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/managing-excess-emissions) | 2026-11-12 |
| Annual compliance deadline | Excess must be managed before 1 April | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/managing-excess-emissions) | 2026-11-12 |
| Electricity sectoral baseline | 198 MtCO2e a year for grid-connected generators collectively | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/safeguard-baselines) | 2026-11-12 |
| New facilities definition | Facilities that began all commercial production on or after 1 July 2023 | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/safeguard-baselines) | 2026-11-12 |
| What an SMC is | 1 SMC = 1 tCO2e below a facility's baseline; tradeable; not an offset | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism/safeguard-mechanism-credit-units) | 2026-11-12 |
| What an ACCU is | 1 ACCU per tCO2e stored or avoided by a registered project | [Clean Energy Regulator](https://cer.gov.au/schemes/australian-carbon-credit-unit-scheme) | 2026-11-12 |
| Safeguard Mechanism (Crediting) Amendment Act 2023 assented | 11 April 2023 (Act No. 14, 2023) | [Federal Register of Legislation](https://www.legislation.gov.au/C2023A00014/asmade/text) | 2026-11-12 |
| Legislated decade budget 2020–30 | Net safeguard emissions no more than 1,233 MtCO2e in total, 1 July 2020 to 30 June 2030 | [Federal Register of Legislation](https://www.legislation.gov.au/C2023A00014/asmade/text) | 2026-11-12 |
| Legislated 2029–30 limit | No more than 100 MtCO2e of net safeguard emissions in 2029–30; zero after 30 June 2049 | [Federal Register of Legislation](https://www.legislation.gov.au/C2023A00014/asmade/text) | 2026-11-12 |
| NGER Act assented | 28 September 2007 (Act No. 175, 2007) | [Federal Register of Legislation](https://www.legislation.gov.au/C2007A00175/asmade/text) | 2026-11-12 |
| Carbon Credits (Carbon Farming Initiative) Act assented | 15 September 2011 (Act No. 101, 2011) | [Federal Register of Legislation](https://www.legislation.gov.au/C2011A00101/asmade/text) | 2026-11-12 |
| Cost containment price 2023–24 | A$75 per ACCU | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-march-quarter-2023/australian-carbon-credit-units-accus) | 2026-11-12 |
| Cost containment price 2024–25 | A$79.20 per ACCU | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-september-quarter-2024/australian-carbon-credit-units-accus) | 2026-11-12 |
| Cost containment price 2025–26 | A$82.68 per ACCU | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-september-quarter-2025/australian-environmental-markets) | 2026-11-12 |
| Cost containment price 2026–27 | A$87.72 per ACCU, rising at CPI + 2% a year | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| ACCUs held in the cost containment measure | 6.0 million (30 June 2026); 6.1 million (30 Sep 2026) | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| Generic ACCU spot price, end Q2 2022 | A$35.10 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-september-quarter-2022/australian-carbon-credit-units-accus) | 2026-11-12 |
| Generic ACCU spot price, end Q3 2022 | A$30.75 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-september-quarter-2022/australian-carbon-credit-units-accus) | 2026-11-12 |
| Generic ACCU spot price, end Q4 2022 | A$33.80 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-december-quarter-2022/australian-carbon-credit-units-accus) | 2026-11-12 |
| Generic ACCU spot price, end Q1 2023 | A$38.50 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-march-quarter-2023/australian-carbon-credit-units-accus) | 2026-11-12 |
| Generic ACCU spot price, end Q2 2023 | A$31.85 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2023/australian-carbon-credit-units-accus) | 2026-11-12 |
| Generic ACCU spot price, end Q1 2024 | A$33.75 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-march-quarter-2024/australian-carbon-credit-units-accus) | 2026-11-12 |
| Generic ACCU spot price, end Q2 2024 | A$34.34 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-september-quarter-2024/australian-carbon-credit-units-accus) | 2026-11-12 |
| Generic ACCU spot price, end Q3 2024 | A$36.25 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-september-quarter-2024/australian-carbon-credit-units-accus) | 2026-11-12 |
| Generic ACCU spot price, end Q1 2025 | A$33.08 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-march-quarter-2025/safeguard-and-australian-carbon-credit-unit-accu-schemes) | 2026-11-12 |
| Generic ACCU spot price, end Q2 2025 | A$35.45 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-september-quarter-2025/australian-environmental-markets) | 2026-11-12 |
| Generic ACCU spot price, end Q3 2025 | A$37.43 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-september-quarter-2025/australian-environmental-markets) | 2026-11-12 |
| Generic ACCU spot price, end Q4 2025 | A$36.60 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-december-quarter-2025/australian-environmental-markets) | 2026-11-12 |
| Generic ACCU spot price, end Q1 2026 | A$36.28 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-march-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| Generic ACCU spot price, end Q2 2026 | A$37.95 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| Generic ACCU spot price, 14 Aug 2026 | A$39.03 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| SMC spot price, 19 Jun 2026 | A$38.00 (A$39.25 on 14 Aug 2026) | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| Generic ACCU spot price peak, 2022 | A$57.50 all-time high, late January 2022 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-december-quarter-2022/australian-carbon-credit-units-accus) | 2026-11-12 |
| ACCUs issued, calendar 2013 | 3,877,980 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2014 | 7,621,505 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2015 | 7,867,836 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2016 | 13,133,396 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2017 | 12,170,406 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2018 | 12,438,219 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2019 | 14,830,105 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2020 | 16,052,805 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2021 | 17,040,782 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2022 | 17,738,059 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2023 | 17,221,108 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2024 | 18,784,758 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, calendar 2025 | 21,653,923 ACCUs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCUs issued, Jan–Sep 2026 | 19,139,145 ACCUs (Q1 5.46m, Q2 5.44m, Q3 8.24m) | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU issuance, first half 2026 | 10.9 million, a record for a first half; 2026 estimate 22–26 million | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| ACCU holdings in the registry, end of year | 6.1m (2019), 7.9m (2020), 11.5m (2021), 22.7m (2022), 36.2m (2023), 49.9m (2024), 60.7m (2025), 68.9m (30 Sep 2026) | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| SMC holdings, 30 Sep 2026 | 11.0 million SMCs; 63 safeguard accounts hold SMCs | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2018 | 389,893 units | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2019 | 143,843 units | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2020 | 56,994 units | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| Safeguard surrenders, calendar 2021 (ACCUs; SMCs not yet issued) | 121,579 units | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2022 | 348,535 units | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2023 | 236,224 units | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2024 | 1,526,091 units | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2025 | 10,079,598 units | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU Scheme projects registered, 2022 | 364 projects | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU Scheme projects registered, 2023 | 337 projects | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU Scheme projects registered, 2024 | 416 projects | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| ACCU Scheme projects registered, 2025 | 407 projects | [Clean Energy Regulator](https://cer.gov.au/document/qcmr-data-workbook-september-quarter-2026) | 2026-11-12 |
| Safeguard baselines, covered emissions and facility count, 2020–21 to 2024–25 | Baselines 179.8/175.6/171.6/136.1/126.2 Mt; covered emissions 137.1/137.5/138.6/136.0/132.8 Mt; facilities 212/219/218/219/208 | [Clean Energy Regulator](https://cer.gov.au/document/2024-25-safeguard-mechanism-data-insights) | 2026-11-12 |
| Safeguard Mechanism review consultation | Department paper released 7 Aug 2026; submissions closed 18 Sep 2026 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| Review outcome and timing of changes | Position paper early 2027; changes generally from 1 July 2030 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| Next full QCMR | Full September Quarter 2026 report expected by mid-December 2026 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports) | 2026-11-12 |
| Annual safeguard data publication | 2024–25 data published 15 April 2026 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/safeguard-data) | 2026-11-12 |
| ACCU Scheme amendments introduced | Amendments to the CFI Act introduced to Parliament on 20 August 2026 | [Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2026/australian-environmental-markets) | 2026-11-12 |
| 2023 reform | The Safeguard Mechanism was reformed in 2023 | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism) | 2026-11-12 |
| Scheduled 2026–27 review | Department to review policy settings in 2026–27 | [Clean Energy Regulator](https://cer.gov.au/schemes/safeguard-mechanism) | 2026-11-12 |

## FAQ

**What is the ACCU price in 2026?**

The generic ACCU spot price was A$37.95 at the end of June 2026, up from A$36.28 at the end of March, and reached A$39.03 on 14 August 2026, according to the Clean Energy Regulator.

**Who is covered by the Safeguard Mechanism?**

Facilities emitting more than 100,000 tCO2e of covered scope 1 emissions a year in mining, oil and gas, manufacturing, transport and waste: 208 facilities in 2024–25, covering 29.9% of national emissions.

**How fast do baselines fall?**

By 4.9% a year from 2023–24 to 2029–30, so a baseline is scaled to 65.7% of its starting level by 2029–30. After that the indicative rate is 3.285% a year. Trade-exposed facilities can get as little as 1–2% for three years.

**What is the cost containment price?**

A fixed price at which eligible safeguard entities can buy ACCUs from the government: A$75 in 2023–24, A$79.20 in 2024–25, A$82.68 in 2025–26 and A$87.72 in 2026–27, rising at CPI plus 2% a year.

**Is there a limit on using ACCUs?**

There is no hard cap, but a facility that surrenders ACCUs equal to 30% or more of its baseline must publish a statement explaining why it did not cut more on site. 23 facilities did so for 2024–25.

**What are SMCs?**

Safeguard Mechanism credit units are issued to facilities whose net emissions are below their baseline, one per tonne. 6.7 million were issued for 2024–25, and 2.6 million were surrendered.

**How well did facilities comply in 2024–25?**

205 of 208 facilities (98.6%) were compliant by the 1 April 2026 deadline; three related facilities were left with 317,212 tCO2e in excess.

**What happens next?**

The Government's review consultation closed on 18 September 2026; a position paper is due early next year, and any changes will generally take effect from 1 July 2030.

## Not listed yet

- Generic ACCU spot prices at the end of Q3–Q4 2023 and Q4 2024: official reports give only ranges or approximate, conflicting figures.
- The Q3 2026 quarter-end ACCU price: the full report is due by mid-December 2026.
- Department (DCCEEW) policy pages: the site did not respond to normal requests, so figures come from the regulator and the Act text.
- Generic ACCU spot price at end of Q3 2023, Q4 2023 and Q4 2024 — QCMRs give only ranges ('between $30.50 and $32.00') or conflicting approximations (Q4 2024 'around $36' in the December 2024 report vs 'around $35' in the March 2025 report). December Quarter 2023 report not opened.
- Generic ACCU spot price at end of Q3 2026 — The Q3 2026 data release workbook does not include price data; the full report is due by mid-December 2026.
- DCCEEW policy pages on the 2023 reforms — dcceew.gov.au did not respond to normal requests (connection reset / timeout). Facts were taken from CER pages and the Act text instead.
- Value of a Commonwealth penalty unit in A$ — Not on the CER pages read; not checked in legislation.
- Commencement date of the 2023 Amendment Act — Assent date (11 April 2023) confirmed; reformed baselines measured from 1 July 2023 per CER, but the Act's commencement table was not checked line by line.