The Clean Energy Regulator (CER) has entered into a contract with Trovio Group to develop and deliver a modern Unit & Certificate Register. The register will enable a market that offers buyers and sellers greater choice, efficiency, and transparency, with the potential to enable other trusted digital carbon trading platforms to connect in the future.
The CER and Australian Securities Exchange (ASX) are working together to develop an appropriate and effective model for a carbon exchange market, initially for Australian carbon credit units (ACCUs), with the intention to follow with other certificates such as large-scale generation certificates (LGCs).
CER Executive General Manager Mark Williamson said that the new register will form the foundation of a world class carbon market.
'Trovio Group brings a wealth of experience delivering advanced technology architecture. Its proposal for the Unit & Certificate Register features a customisable digital registry that will integrate seamlessly with other systems through its secure communication interfaces.'
'In addition to the exchange trading option and direct transfers between trading partners, we will be looking to allow other trusted digital trading platforms to connect to the new carbon register subject to security requirements and the necessary regulatory licences,' Mr Williamson said.
Trovio Group's Chief Executive Officer Jon Deane said the company provides auditable, transparent, and secure technology solutions for environmental assets and data-enriched commodities.
'Our propriety technology, CorTenX, has been designed as a scalable, customisable digital registry solution,' Mr Deane said.
The Australian Carbon Exchange and Unit & Certificate Register project will make it easier for participants to meet their regulatory obligations and engage in voluntary emissions reduction.
Early in 2024, the CER will meet with carbon market participants, advisors, digital carbon platform operators and regulators to discuss the detail of the proposed new trading options.
The launch of the Australian Carbon Exchange is still dependant on a range of regulatory and other approvals being granted and any requisite procurements being made and finalised.
Mr Williamson said the CER is aiming to have the new Unit & Certificate Register operating in the second half of 2024.
'We are excited about this project for many reasons. The carbon market has an important role to play in helping Australia meet its 2030 and 2050 emissions reduction targets.'
For more detail, please visit Australian Carbon Exchange.
