ASX Environmental Futures

Manage the uncertainty and risk of the energy transition through liquid and transparent derivative markets

ACCU futures March delivery update

In March 2025 we are celebrating a milestone since launching ASX ACCU futures in July 2024. The first lot of 2025 March futures have expired smoothly, reinforcing our efficient delivery process and showcasing how we're enabling clients to hedge forward price exposure and take ownership of Australian Carbon Credit Units. With the involvement of five clients and three Clearing Participants, it's evident our effective delivery process is in full swing. Together, we are driving sustainable solutions in the industry.

ASX Environmental Futures contracts

In support of Australia and New Zealand’s decarbonisation efforts and transition to clean energy, ASX has developed three Environmental Futures contracts covering:

Australian Carbon Credit Units (ACCU’s)
Large-scale Generation Certificates (LGC’s)
New Zealand Units (NZU’s)

Environmental Futures provide customers with the tools they need to price and manage the risk of the energy transition.

A liquid and transparent Environmental Futures market can help support investment in clean energy and decarbonisation by enabling capital to flow to projects with significant carbon abatement potential.

Product features

Transparent forward curve – Environmental Futures are listed on an annual basis out to 5 years, creating a liquid forward curve that is readily tradable

Deliverable – The contracts are deliverable meaning those with open positions at the time of contract expiry will be required to transfer or receive Units or Certificates via the relevant registry. Access the delivery guide for more information.

Standardised – Each contract is generic with one future equal to 1,000 tonnes of CO2 or 1,000-megawatt hours of renewable energy generation (for LGC’s).

Diverse customer base – Centrally cleared markets open up access to a broader range of market participants as the Clearing House assumes the credit risk of all centrally cleared trades.

Market insights

INSIGHTS | CARBON MARKETS

31 March 2025

Refining ACCU price discovery with derivatives

As Australia pushes towards its 2030 emissions target, the benefits of using derivatives in the carbon market are becoming more evident.

INSIGHTS | ENERGY TRANSITION

31 October 2024

Carbon Markets - emerging themes and challenges

In Australia, it is estimated that between $7-9 trillion of capital will be needed to fund the transition to net zero.

INSIGHTS | ENERGY TRANSITION

16 July 2024

The role of futures markets in the transition to net zero

As the transition to clean energy gathers pace, the market is increasingly looking for tools and solutions to help manage the inherent risk and uncertainty.

Carbon Market Institute

As a member of the Carbon Market Institute, ASX supports the international carbon industry to decarbonise the global economy. We regularly speak at CMI’s events including being part of the recent Masterclass series to discuss "State of Australia’s Carbon Markets".

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Contract specifications

Expiry calendar

Each contract is listed on an annual basis out to five years. The delivery period commences on the Final Trading Day and is completed on the Final Trading Day + 3 business days. Below is a list of the key expiry and delivery dates for the next 5 years.

ACCU Futures	2025	2026	2027	2028	2029
Final Trading Day	4 March	4 March	4 March	6 March	5 March
Final Trading Day + 2	6 March	6 March	8 March	8 March	7 March
Final Trading Day + 3	7 March	9 March	9 March	9 March	8 March

LGC Futures	2025	2026	2027	2028	2029
Final Trading Day	28 January	27 January	27 January	27 January	29 January
Final Trading Day + 2	30 January	29 January	29 January	31 January	31 January
Final Trading Day + 3	31 January	30 January	1 February	1 February	1 February

NZU Futures	2025	2026	2027	2028	2029
Final Trading Day	5 May	4 May	4 May	4 May	4 May
Final Trading Day + 2	7 May	6 May	6 May	8 May	8 May
Final Trading Day + 3	8 May	7 May	7 May	9 May	9 May

ASX Commodity Derivatives

Access risk management tools across electricity, gas, environmental (carbon and renewables) and agricultural markets from a single trading platform.

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Email: Commodities@asx.com.au

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ASX acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past and present. 

Artwork by: Lee Anne Hall, My Country, My People

	Futures
Commodity code	CA
Launch date	29 July 2024
Underlying commodity	Australian Carbon Credit Units, which represent one tonne of carbon dioxide equivalent (CO2) greenhouse gas that is not released into the atmosphere
Contract unit	1 Futures contract is equal to 1,000 underlying certificates (ACCU’s)
Contract months	March, up to five years ahead
Price quotation	Prices are quoted in Australian dollars per tonne to two decimal places
Minimum Price Movement	AUD $0.01 per tonne
Final Trading Day	4 March or, if 4 March is not a Business Day, the next Business Day
Settlement Method	Deliverable. ACCU’s must be delivered into the nominated account at the ANREU registry by no later than 4:30pm (AEST/AEDT) on the second Business Day following the Final Trading Day (Final Trading Day + 2)
Trading hours	10:00am – 4:00pm Australian Eastern Standard Time (AEST) / Australian Eastern Daylight Time (AEDT)
Nomination Window	Sellers intending to go to delivery may commence transferring certificates to the ASX registry account from the Final Trading Day up to 4:30pm (AEST/AEDT) on the second Business Day following the Final Trading Day
Settlement Period	Three Business Days following the Final Trading Day
Block trade threshold	25 lots
Vendor codes	Bloomberg: AAOA Comdty Refinitiv: 0#YCA

	Futures
Commodity code	CL
Launch date	29 July 2024
Underlying commodity	Large Generation Certificates (excluding wood waste), which represent one megawatt hour of renewable energy generation Vintage: Only Certificates created in the assessment year or earlier are accepted (Vintage Rule)
Contract unit	1 Futures contract is equal to 1,000 underlying certificates (LGC’s)
Contract months	January, up to five years ahead
Price quotation	Prices are quoted in Australian dollars per tonne to two decimal places
Minimum Price Movement	AUD $0.01 per tonne
Final Trading Day	27 January or, if 27 January is not a Business Day, the next Business Day
Settlement Method	Deliverable. LGC’s must be delivered into the nominated account at the REC registry by no later than 4:30pm (AEST/AEDT) on the second Business Day following the Final Trading Day (Final Trading Day + 2)
Trading hours	10:00am – 4:00pm Australian Eastern Standard Time (AEST) / Australian Eastern Daylight Time (AEDT)
Nomination Window	Sellers intending to go to delivery may commence transferring certificates to the ASX registry account from the Final Trading Day up to 4:30pm on the second Business Day following the Final Trading Day
Settlement Period	Three Business Days following the Final Trading Day
Block trade threshold	25 lots
Vendor codes	Bloomberg: LCAA Comdty Refinitiv: 0#YCQ

	Futures
Commodity code	CN
Launch date	29 July 2024
Underlying commodity	New Zealand Units (NZU’s), which represent an allowance to emit one tonne of carbon dioxide equivalent (CO2-e) greenhouse gas under the New Zealand Emissions Trading Scheme
Contract unit	1 Futures contract is equal to 1,000 underlying certificates (NZU’s)
Contract months	May, up to five years ahead
Price quotation	Prices are quoted in New Zealand dollars per tonne to two decimal places
Minimum Price Movement	NZD $0.01 per tonne
Final Trading Day	4 May or, if 4 May is not a Business Day, the next Business Day
Settlement Method	Deliverable. NZU’s must be delivered into the nominated account at the NZETR registry prior to 4:30pm (NZST/NZDT) on the second Business Day following the Final Trading Day (Final Trading Day + 2)
Trading hours	10:30am – 4:00pm New Zealand Time
Nomination Window	Sellers intending to go to delivery may commence transferring certificates to the ASX registry account from the Final Trading Day up to 4:30pm (NZST/NZDT) on the second Business Day following the Final Trading Day
Settlement Period	Three Business Days following the Final Trading Day
Block trade threshold	25 lots
Vendor codes	Bloomberg: UNSA Comdty Refinitiv: 0#NCN

ASX Environmental Futures

ACCU futures March delivery update

ASX Environmental Futures contracts

Product features

FACT SHEET

DELIVERY GUIDE

FAQs