Market Closed

21 Jan 2022 07:00:28

Australian carbon prices soar

Posted: 09 Jan 2022

The spot price of carbon in Australia has just hit $50 per unit, climbing 16 per cent in just a couple of weeks to set a record.

The market for carbon is developing rapidly after new rules for voluntary trading were set at COP26 and the global business community gets behind the net-zero movement.

The federal government is considering approvals for new methodologies for earning carbon credits under its Emissions Reduction Fund. The buzzword now is "stacking" credits — getting an income from several sources. 

And if a farmer cuts methane emissions from their herd by feeding it methane-reducing additives, storing more carbon in the soil or increasing the biodiversity on farm, they cannot sell those credits and still claim to be net zero afterwards.

Read more on ABC News.