Australia · Baseline-and-credit scheme + ACCU offsets
Australia: 208 big emitters must cut baselines 4.9% a year, settling the gap with ACCUs near A$38
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.
13 November 2026In operationLast checked 2026-11-12
Summary
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$87.72 for 2026–27.
Data
Prices, supply and the shrinking baseline
Quarter-end ACCU prices, the fixed cost containment price, issuance, surrenders, and the baselines that drive demand.
Generic ACCU spot price at quarter end (A$ per ACCU)
Source: Clean Energy Regulator. Checked 2026-11-12. Volume-weighted generic spot price as reported in each Quarterly Carbon Market Report. Quarters without an exact quarter-end figure (Q3–Q4 2023, Q4 2024) are left out.
Table of the same figures
| Period | A$/ACCU | Source (checked) |
|---|---|---|
| Q2 2022 | 35.1 | Clean Energy Regulator 2026-11-12 |
| Q3 2022 | 30.75 | Clean Energy Regulator 2026-11-12 |
| Q4 2022 | 33.8 | Clean Energy Regulator 2026-11-12 |
| Q1 2023 | 38.5 | Clean Energy Regulator 2026-11-12 |
| Q2 2023 | 31.85 | Clean Energy Regulator 2026-11-12 |
| Q1 2024 | 33.75 | Clean Energy Regulator 2026-11-12 |
| Q2 2024 | 34.34 | Clean Energy Regulator 2026-11-12 |
| Q3 2024 | 36.25 | Clean Energy Regulator 2026-11-12 |
| Q1 2025 | 33.08 | Clean Energy Regulator 2026-11-12 |
| Q2 2025 | 35.45 | Clean Energy Regulator 2026-11-12 |
| Q3 2025 | 37.43 | Clean Energy Regulator 2026-11-12 |
| Q4 2025 | 36.6 | Clean Energy Regulator 2026-11-12 |
| Q1 2026 | 36.28 | Clean Energy Regulator 2026-11-12 |
| Q2 2026 | 37.95 | Clean Energy Regulator 2026-11-12 |
Cost containment price for safeguard entities (A$ per ACCU)
Source: Clean Energy Regulator. Checked 2026-11-12. Fixed price at which eligible safeguard entities can buy ACCUs from the government; rises at CPI + 2% a year.
Table of the same figures
| Period | A$/ACCU | Source (checked) |
|---|---|---|
| 2023–24 | 75 | Clean Energy Regulator 2026-11-12 |
| 2024–25 | 79.2 | Clean Energy Regulator 2026-11-12 |
| 2025–26 | 82.68 | Clean Energy Regulator 2026-11-12 |
| 2026–27 | 87.72 | Clean Energy Regulator 2026-11-12 |
ACCUs issued each calendar year (million)
Source: Clean Energy Regulator. Checked 2026-11-12. 2026 not shown: 19.1 million issued in January–September.
Table of the same figures
| Period | million ACCUs | Source (checked) |
|---|---|---|
| 2013 | 3.88 | Clean Energy Regulator 2026-11-12 |
| 2014 | 7.62 | Clean Energy Regulator 2026-11-12 |
| 2015 | 7.87 | Clean Energy Regulator 2026-11-12 |
| 2016 | 13.13 | Clean Energy Regulator 2026-11-12 |
| 2017 | 12.17 | Clean Energy Regulator 2026-11-12 |
| 2018 | 12.44 | Clean Energy Regulator 2026-11-12 |
| 2019 | 14.83 | Clean Energy Regulator 2026-11-12 |
| 2020 | 16.05 | Clean Energy Regulator 2026-11-12 |
| 2021 | 17.04 | Clean Energy Regulator 2026-11-12 |
| 2022 | 17.74 | Clean Energy Regulator 2026-11-12 |
| 2023 | 17.22 | Clean Energy Regulator 2026-11-12 |
| 2024 | 18.78 | Clean Energy Regulator 2026-11-12 |
| 2025 | 21.65 | Clean Energy Regulator 2026-11-12 |
Safeguard baselines vs covered emissions (MtCO2e)
Source: Clean Energy Regulator; Federal Register of Legislation. Checked 2026-11-12. Baselines were reset by the 2023 reform; 2024–25 was the first year covered emissions exceeded total baselines.
Table of the same figures
| 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)
Source: Clean Energy Regulator. Checked 2026-11-12.
Table of the same figures
| Period | million units | Source (checked) |
|---|---|---|
| 2018 | 0.39 | Clean Energy Regulator 2026-11-12 |
| 2019 | 0.14 | Clean Energy Regulator 2026-11-12 |
| 2020 | 0.06 | Clean Energy Regulator 2026-11-12 |
| 2021 | 0.12 | Clean Energy Regulator 2026-11-12 |
| 2022 | 0.35 | Clean Energy Regulator 2026-11-12 |
| 2023 | 0.24 | Clean Energy Regulator 2026-11-12 |
| 2024 | 1.53 | Clean Energy Regulator 2026-11-12 |
| 2025 | 10.08 | Clean Energy Regulator 2026-11-12 |
Baseline scaling factor after the 4.9% annual decline (% of starting baseline)
Source: Clean Energy Regulator. Checked 2026-11-12. 2030–31 value is indicative; decline rates from 1 July 2030 will be set in 5-year blocks.
Table of the same figures
| Period | % of starting baseline | Source (checked) |
|---|---|---|
| 2023–24 | 95.1 | Clean Energy Regulator 2026-11-12 |
| 2024–25 | 90.2 | Clean Energy Regulator 2026-11-12 |
| 2025–26 | 85.3 | Clean Energy Regulator 2026-11-12 |
| 2026–27 | 80.4 | Clean Energy Regulator 2026-11-12 |
| 2027–28 | 75.5 | Clean Energy Regulator 2026-11-12 |
| 2028–29 | 70.6 | Clean Energy Regulator 2026-11-12 |
| 2029–30 | 65.7 | Clean Energy Regulator 2026-11-12 |
| 2030–31 | 62.4 | Clean Energy Regulator 2026-11-12 |
Chronology
Timeline
Red dates are still ahead.
From the 2007 reporting law to the 2030 settings
- 2007-09-28National Greenhouse and Energy Reporting Act, the legal base of the Safeguard Mechanism, receives assent.
- 2011-09-15Carbon Credits (Carbon Farming Initiative) Act, the legal base of ACCUs, receives assent.
- 2016-07-01The Safeguard Mechanism begins.
- 2023-04-11Safeguard Mechanism (Crediting) Amendment Act 2023 receives assent: SMCs and a 1,233 Mt budget for 2020–30.
- 2023-07-01Reformed baselines begin falling 4.9% a year; cost containment price set at A$75 for 2023–24.
- 2026-04-012024–25 compliance deadline: 205 of 208 facilities compliant.
- 2026-04-15Regulator publishes 2024–25 data: 132.8 Mt covered emissions.
- 2026-08-07Department releases its Safeguard Mechanism review consultation paper.
- 2026-08-20ACCU Scheme amendments introduced to Parliament.
- 2026-12Full September Quarter 2026 market report expected by mid-December.
- 2030-07-01Review changes generally take effect; decline rates then set in 5-year blocks.
Source: Federal Register of Legislation; Clean Energy Regulator.
Mechanism
How it works
The yearly cycle for a facility over the 100,000 tCO2e threshold.
How a safeguard facility complies
- Step 1
Report emissions
Covered scope 1 emissions are reported under the NGER Scheme for each financial year.
- Step 2
Baseline is set
Production × emissions intensity, scaled down 4.9% a year since 2023–24.
- Step 3
Below baseline
The facility may apply for SMCs, 1 per tonne under its baseline, to sell or bank.
- Step 4
Above baseline
Before 1 April it surrenders ACCUs or SMCs, or uses a flexibility measure (TEBA, borrowing, multi-year period).
- Step 5
Price backstop
If the market is dearer, it can buy ACCUs from the government at A$87.72 (2026–27).
Source: Clean Energy Regulator.
Coverage
Scope
One threshold, with special rules for electricity and trade-exposed industry.
Who is covered
Source: Clean Energy Regulator; Federal Register of Legislation. Checked 2026-11-12.
Table of the same figures
| 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 |
Offsets
Credits and offsets
Two kinds of unit settle the gap: offsets (ACCUs) and over-performance credits (SMCs).
ACCUs and SMCs at a glance
Source: Clean Energy Regulator. Checked 2026-11-12.
Table of the same figures
| 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) |
Reference
All figures
91 figures with numbers, each linked to the official text with the date we checked it.
| Item | Value | Source (checked) |
|---|---|---|
| Coverage threshold | More than 100,000 tCO2e of covered (scope 1) emissions a year | Clean Energy Regulator 2026-11-12 |
| Covered sectors | Mining, oil and gas production, manufacturing, transport and waste facilities | Clean Energy Regulator 2026-11-12 |
| Scheme start date | 1 July 2016 | Clean Energy Regulator 2026-11-12 |
| National targets the scheme is aligned with | 43% below 2005 levels by 2030; net zero by 2050 | Clean Energy Regulator 2026-11-12 |
| Covered facilities, 2024–25 | 208 facilities (219 in 2023–24) | Clean Energy Regulator 2026-11-12 |
| Share of national emissions, 2024–25 | 29.9% of Australia's total emissions | Clean Energy Regulator 2026-11-12 |
| Covered emissions, 2024–25 | 132.8 MtCO2e, 2.3% less than 2023–24 | Clean Energy Regulator 2026-11-12 |
| Total baselines, 2024–25 | 126.2 MtCO2e, 7.3% less than 2023–24 | Clean Energy Regulator 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 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 2026-11-12 |
| Units surrendered for 2024–25 | 13.4 million: 10.8m ACCUs + 2.6m SMCs, by 139 facilities | Clean Energy Regulator 2026-11-12 |
| SMCs issued for 2024–25 | 6.7 million (8.3 million for 2023–24), to 54 responsible emitters | Clean Energy Regulator 2026-11-12 |
| Compliance rate, 2024–25 | 205 of 208 facilities (98.6%) compliant on 1 April 2026 | Clean Energy Regulator 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 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 2026-11-12 |
| Baseline decline rate to 2029–30 | 4.9% a year through to 30 June 2030 | Clean Energy Regulator 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 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 2026-11-12 |
| Trade-exposed (TEBA) decline rate | As low as 1% (manufacturing) or 2% (non-manufacturing) for 3 years | Clean Energy Regulator 2026-11-12 |
| TEBA cost test | Compliance cost above 3% of revenue (non-manufacturing) or EBIT (manufacturing) | Clean Energy Regulator 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 2026-11-12 |
| Multi-year monitoring period | 2 to 5 years, ending no later than 30 June 2030 | Clean Energy Regulator 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 2026-11-12 |
| Annual compliance deadline | Excess must be managed before 1 April | Clean Energy Regulator 2026-11-12 |
| Electricity sectoral baseline | 198 MtCO2e a year for grid-connected generators collectively | Clean Energy Regulator 2026-11-12 |
| New facilities definition | Facilities that began all commercial production on or after 1 July 2023 | Clean Energy Regulator 2026-11-12 |
| What an SMC is | 1 SMC = 1 tCO2e below a facility's baseline; tradeable; not an offset | Clean Energy Regulator 2026-11-12 |
| What an ACCU is | 1 ACCU per tCO2e stored or avoided by a registered project | Clean Energy Regulator 2026-11-12 |
| Safeguard Mechanism (Crediting) Amendment Act 2023 assented | 11 April 2023 (Act No. 14, 2023) | Federal Register of Legislation 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 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 2026-11-12 |
| NGER Act assented | 28 September 2007 (Act No. 175, 2007) | Federal Register of Legislation 2026-11-12 |
| Carbon Credits (Carbon Farming Initiative) Act assented | 15 September 2011 (Act No. 101, 2011) | Federal Register of Legislation 2026-11-12 |
| Cost containment price 2023–24 | A$75 per ACCU | Clean Energy Regulator 2026-11-12 |
| Cost containment price 2024–25 | A$79.20 per ACCU | Clean Energy Regulator 2026-11-12 |
| Cost containment price 2025–26 | A$82.68 per ACCU | Clean Energy Regulator 2026-11-12 |
| Cost containment price 2026–27 | A$87.72 per ACCU, rising at CPI + 2% a year | Clean Energy Regulator 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 2026-11-12 |
| Generic ACCU spot price, end Q2 2022 | A$35.10 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q3 2022 | A$30.75 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q4 2022 | A$33.80 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q1 2023 | A$38.50 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q2 2023 | A$31.85 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q1 2024 | A$33.75 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q2 2024 | A$34.34 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q3 2024 | A$36.25 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q1 2025 | A$33.08 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q2 2025 | A$35.45 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q3 2025 | A$37.43 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q4 2025 | A$36.60 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q1 2026 | A$36.28 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, end Q2 2026 | A$37.95 | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price, 14 Aug 2026 | A$39.03 | Clean Energy Regulator 2026-11-12 |
| SMC spot price, 19 Jun 2026 | A$38.00 (A$39.25 on 14 Aug 2026) | Clean Energy Regulator 2026-11-12 |
| Generic ACCU spot price peak, 2022 | A$57.50 all-time high, late January 2022 | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2013 | 3,877,980 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2014 | 7,621,505 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2015 | 7,867,836 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2016 | 13,133,396 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2017 | 12,170,406 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2018 | 12,438,219 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2019 | 14,830,105 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2020 | 16,052,805 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2021 | 17,040,782 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2022 | 17,738,059 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2023 | 17,221,108 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2024 | 18,784,758 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, calendar 2025 | 21,653,923 ACCUs | Clean Energy Regulator 2026-11-12 |
| ACCUs issued, Jan–Sep 2026 | 19,139,145 ACCUs (Q1 5.46m, Q2 5.44m, Q3 8.24m) | Clean Energy Regulator 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 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 2026-11-12 |
| SMC holdings, 30 Sep 2026 | 11.0 million SMCs; 63 safeguard accounts hold SMCs | Clean Energy Regulator 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2018 | 389,893 units | Clean Energy Regulator 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2019 | 143,843 units | Clean Energy Regulator 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2020 | 56,994 units | Clean Energy Regulator 2026-11-12 |
| Safeguard surrenders, calendar 2021 (ACCUs; SMCs not yet issued) | 121,579 units | Clean Energy Regulator 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2022 | 348,535 units | Clean Energy Regulator 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2023 | 236,224 units | Clean Energy Regulator 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2024 | 1,526,091 units | Clean Energy Regulator 2026-11-12 |
| ACCU+SMC safeguard surrenders, calendar 2025 | 10,079,598 units | Clean Energy Regulator 2026-11-12 |
| ACCU Scheme projects registered, 2022 | 364 projects | Clean Energy Regulator 2026-11-12 |
| ACCU Scheme projects registered, 2023 | 337 projects | Clean Energy Regulator 2026-11-12 |
| ACCU Scheme projects registered, 2024 | 416 projects | Clean Energy Regulator 2026-11-12 |
| ACCU Scheme projects registered, 2025 | 407 projects | Clean Energy Regulator 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 2026-11-12 |
| Safeguard Mechanism review consultation | Department paper released 7 Aug 2026; submissions closed 18 Sep 2026 | Clean Energy Regulator 2026-11-12 |
| Review outcome and timing of changes | Position paper early 2027; changes generally from 1 July 2030 | Clean Energy Regulator 2026-11-12 |
| Next full QCMR | Full September Quarter 2026 report expected by mid-December 2026 | Clean Energy Regulator 2026-11-12 |
| Annual safeguard data publication | 2024–25 data published 15 April 2026 | Clean Energy Regulator 2026-11-12 |
| ACCU Scheme amendments introduced | Amendments to the CFI Act introduced to Parliament on 20 August 2026 | Clean Energy Regulator 2026-11-12 |
| 2023 reform | The Safeguard Mechanism was reformed in 2023 | Clean Energy Regulator 2026-11-12 |
| Scheduled 2026–27 review | Department to review policy settings in 2026–27 | Clean Energy Regulator 2026-11-12 |
Questions
Frequently asked questions
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.
Gaps
Not listed yet
Items we could not confirm in an official text are left out on purpose.
- 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.
Record
Sources
- 2024–25 Safeguard Mechanism data insights (PDF) — Clean Energy Regulator 2026-11-12
- Australian Carbon Credit Unit Scheme — Clean Energy Regulator 2026-11-12
- Carbon Credits (Carbon Farming Initiative) Act 2011 (No. 101, 2011), as made — Federal Register of Legislation 2026-11-12
- Managing excess emissions — Clean Energy Regulator 2026-11-12
- National Greenhouse and Energy Reporting Act 2007 (No. 175, 2007), as made — Federal Register of Legislation 2026-11-12
- QCMR Q3 2026 data release workbook (data as at 30/09/2026, released 15 Oct 2026) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – December Quarter 2022 (ACCUs) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – December Quarter 2025 (Australian environmental markets) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – June Quarter 2023 (ACCUs) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – June Quarter 2026 (Australian environmental markets) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – March Quarter 2023 (ACCUs) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – March Quarter 2024 (ACCUs) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – March Quarter 2025 (Safeguard and ACCU schemes) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – March Quarter 2026 (Australian environmental markets) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – September Quarter 2022 (ACCUs) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – September Quarter 2024 (ACCUs) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Report – September Quarter 2025 (Australian environmental markets) — Clean Energy Regulator 2026-11-12
- Quarterly Carbon Market Reports — Clean Energy Regulator 2026-11-12
- Safeguard Mechanism — Clean Energy Regulator 2026-11-12
- Safeguard Mechanism (Crediting) Amendment Act 2023 (No. 14, 2023), as made — Federal Register of Legislation 2026-11-12
- Safeguard Mechanism credit units — Clean Energy Regulator 2026-11-12
- Safeguard baselines — Clean Energy Regulator 2026-11-12
- Safeguard data (outcomes for 2024–25) — Clean Energy Regulator 2026-11-12