The price of Australian carbon credit units will more than double over the next decade, driven by high-emitting industries covered by the nation’s safeguard mechanism, according to RepuTex.

Corporate emitters from sectors including mining, oil and gas will initially depend on offsets to meet their climate targets, lifting demand for carbon credits, the carbon market research firm said in a report Wednesday. The price of ACCUs will rise to A$83 ($53) a ton by 2033, up from the current spot price of around A$30, it said.