The most recent Quarterly Carbon Market Report by the Clean Energy Regulator, for September 2020, reports that the voluntary market grew strongly in Quarter 3, 2020, with a new record total of 3.6 million units and certificates (0.2 million ACCUs and 3.4 million LGCs) surrendered in the period.

This included the ACT government's bulk surrender of LGCs against its renewable energy target for 2019-20, a surge in LGCs for desalination and Greenpower, and increased levels of ACCU surrender under the Climate Active program.

For 2019, international units continued to dominate the voluntary market with 84% of all voluntary surrenders. Most of these were low-cost units originating from renewable energy projects in India. 

Source: Clean Energy Regulator

Internationally, the voluntary carbon market saw a the cumulative market volume of more than 1.3 billion mt CO2 equivalent in 2019, exceeding $5.5 billion in value, according to environmental markets information group Ecosystem Marketplace.

Average carbon offset prices ranged from US$1.40/mt for renewable energy projects through to US$4.30/mt at the higher end for forestry and land use projects.

Notably, Ecosystem Marketplace highlighted that prices for offsets associated with Nature-Based Solutions (NBS) and Natural Climate Solutions (NCS), which include improved land management interventions on natural and agricultural lands, increased 30%, while prices for offsets from renewable energy decreased 16%.

Source: Ecosystem Marketplace

Overall, prices in voluntary markets have fallen since 2014, when they averaged between US$4.90/mt and US$5.90/mt. 

In Australia, prices in the voluntary market vary between schemes, with the most visible prices being those that consumers pay to offset emissions from airline travel.