Trade in Australia’s carbon credits market surged to record levels in January, with brokers pointing to elevated interest from banks and hedge funds who expect the price of the units to soar once heavy emitters fall under Labor’s strengthened emission reduction mechanism.

More than 2.2 million Australian Carbon Credit Unit contracts were exchanged in January, three times the previous record. It was the same month that Energy Minister Chris Bowen unveiled binding emissions caps on the country’s 215 largest industrial polluters starting July 1.