The price of Australian Carbon Credit Units (ACCU) skyrocketed on the first trading day following the federal election, boosted by anticipation that the new Labor government led by Anthony Albanese will raise demand for emissions reductions.
ACCU prices rose nearly 20% higher on Monday, above 35 Australian dollar per tonne, marking the highest level since the former Morrison government’s surprise market intervention in March.
In response to Labor’s victory, carbon credit investors rushed to purchase ACCUs, anticipating that a reinforced Safeguard Mechanism would significantly increase demand for the offsets.
