Australia’s carbon market was worth $6.58 billion in its first year of operation, according to the Carbon Market Institute.

On Monday the group said that covered entities emitted 286.6 million tonnes of carbon dioxide during the scheme’s first year.

“Given the first compliance year has a fixed price of $23 per carbon unit, the Carbon Market Institute (CMI) estimates the total value of the Australian carbon market at approximately $6.58 billion,” the report said.

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