Baker McKenzie today announced it had successfully advised Xpansiv's energy and environmental commodity spot exchange CBL Markets (CBL) to obtain a licence from ASIC to facilitate the trade of Australian Carbon Credit Units (ACCUs) in Australia.

The move will see CBL launch Australian Carbon Credit Units at scale during the first quarter of 2023. 

ACCU transactions play an important role in facilitating the growth and legitimacy of carbon markets in Australia. The move taps growing demand for the products as institutional investors and other market participants seek to transact in them alongside the existing energy and environmental products on CBL’s platform.

CBL has a strong track record in developing these types of markets and similar products. Currently, more than 90 per cent of spot exchange-traded carbon credits globally are already being transacted on the CBL platform, and more than 500 new products across multiple asset classes and jurisdictions have been launched and traded on CBL's platforms; including Australian products such as Renewable Energy Certificates, Energy Efficiency Certificates, Tasmanian Gas Pipeline Daily Storage and loan products (other traded products include carbon, water, gas and renewable energy).

Baker McKenzie partner, Bill Fuggle commented: “Baker McKenzie is delighted to continue to assist Xpansiv in its market leading work, by further obtaining a licence for CBL to trade in carbon products. This licence was novel in a number of respects given that certain market licence conditions were applied in respect of the AFSL. It was a pleasure for us to work so closely with Xpansiv's commercial teams to see ACCUs launch on the CBL platform in 2023. It is particularly pleasing to bring our legal skills to bare for a client helping to drive a sustainable future for our society and future generations”.

The Baker McKenzie team was headed by Bill Fuggle who was assisted by associate Shemira Jeevaratnam.

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