The Morrison Government announcement of an extra $1.8 billion investment, and measures supporting low, zero and negative emissions technology is welcome, but should be guided by stronger emission reduction targets said the Carbon Market Institute (CMI).
“There are many positive practical and pragmatic initiatives in this package that will be enhanced by better emission reduction guidance, including stronger mid-term targets and net zero emissions by 2050″, said John Connor, CEO, Carbon Market Institute (CMI).
“CMI welcomes the $1.8 billion of new money for CEFC and ARENA. We support the use of $95 million of the $2 billion Climate Solutions Fund (CSF) and related initiatives to better leverage the CSF as recommended by the recent King Review.
“We support key commitments to slash the time to develop emission reduction methodologies to enable CSF investment, as well as extra resources for better measurement and assurance of emission reduction.
“CMI also welcomes the support for businesses in the agriculture, manufacturing, industry and transport sectors to identify opportunities to enhance productivity and adopt new technologies,. This includes an important focus on energy productivity and regional export opportunities.
“In our submission to the King Review, the CMI supported the exploration of new methodologies to incentivise industrial emissions reduction, this included Carbon Capture, Utilisation and Storage (CCS). We are not opposed to developing a CCS methodology. However it should not lead to perverse outcomes or prolong the due or scheduled closures of older, high emissions-generating facilities.
“Australia should also reject the use of Kyoto carryover units.
“These developments come as European Commission President Ursula von der Leyen announces plans for a 55% cut in greenhouse emissions by 2030, integrating a package with post COVID recovery. Reports also show China is considering stronger commitments ahead of COP26 in Glasgow.
“The initiatives and funding announced today are important and can enhance Australia’s ability to emerge from the COVID recession with a more resilient and cleaner economy.
“CMI will work with its members, the Government and other stakeholders on these initiatives so that we can manage the risks and seize the opportunities of a transition to net-zero emissions by 2050,” concluded Mr Connor.
The Carbon Market Institute is the independent industry association for business leading the transition to net-zero emissions. CMI has more than 85 corporate members.
To interview CMI CEO John Connor contact Clare Price 0490 252 743 firstname.lastname@example.org