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Environmental Futures

ASX Environmental Futures are designed to support Australia and New Zealand’s decarbonisation efforts and clean energy transition.

The Environmental Futures market on ASX Energy provides a regulated and transparent platform for managing environmental risk through futures contracts linked to decarbonisation-related certificates.

ASX offers three deliverable futures contracts covering Australian Carbon Credit Units (ACCUs), Large-scale Generation Certificates (LGCs), and New Zealand Units (NZUs).

Contracts are centrally cleared via ASX Clear (Futures), with delivery facilitated through appropriate registries.

Products Offered

  • Australian Carbon Credit Unit (ACCU) Futures

    • One contract equals 1,000 ACCUs.
    • Listed annually out to five years ahead; first contract launched in July 2024.
    • Trading hours: 10:00 am to 4:00 pm AEST/AEDT. Deliverable via the Australian National Registry of Emissions Units (ANREU).

  • Large-scale Generation Certificate (LGC) Futures

    • One contract equals 1,000 LGCs.
    • Subject to vintage rules and excludes wood-waste certificates.
    • Listed annually up to five years ahead; first contract launched in July 2024.
    • Deliverable via the REC registry.

  • New Zealand Unit (NZU) Futures

    • One contract equals 1,000 NZUs.
    • Listed annually up to five years ahead; first contract launched in July 2024.
    • Deliverable via the New Zealand Emissions Trading Register.

Contract Features

  • Forward Curve Transparency: Contracts are listed out to five years, creating a transparent forward curve that supports tradability and price signals.
  • Standardisation: Each contract represents a standard quantity—1,000 underlying units or certificates—enabling consistent hedging and liquidity.
  • Deliverability: These contracts are deliverable, requiring positions open at expiry to be settled with the underlying environmental units via registry mechanisms. ASX facilitates end-to-end delivery with anonymity.
  • Market-Making & Clearing: Futures are centrally cleared; ASX Clear (Futures) assumes counterparty and operational risk.

Operational Notes

  • Launch Timeline: Environmental Futures went live on 29 July 2024, following market and regulatory approval. A temporary fee waiver on transactions applied until 31 October 2024.
  • Delivery Procedures: Sellers must transfer certificates to the registry account by the second business day post-final trading day. Buyers complete payment and receipt by the third day. Precise timelines and procedures are outlined in the Rules and Procedures documentation.
  • Wholesale Access: Trading is available to wholesale clients via Clearing Participants. Registry accounts are required only for participants involved in delivery.

Key Resources