For many members of CMI who have been working in the climate change and business arena for a long time, the Paris Agreement is a turning point to be celebrated. Beginning with the largest gathering of political leaders ever seen and finishing with 196 nations signing the most ambitious deal ever struck to tackle global warming, the Paris Agreement is a diplomatic triumph.
CMI had a delegation of 18 companies represented in Paris, the largest of any Australian business association, and held the only Australian Business Event inside the tent – CMI’s Spotlight on Australia event. From the Institute’s time in Paris, we have highlighted some key takeaways of what the Paris Agreement means to Australian business.
The Briefing Note covers eight major takeaways:
- The debate is over – the massive economic impetus to a decarbonized economy is unstoppable and business gets it.
- The global emissions trajectory is set and so Australian domestic climate policy settings will inevitably tighten.
- Market mechanisms with international trading will become a feature of the suite of policies needed to meet emission reduction goals.
- Competition is going to heat up. Australia could be in danger of being left behind.
- There is a global market for Australian services and innovations
- The financing gap needs to be bridged and will create opportunities for innovative ways for public and private funding of the low carbon transition.
- We are seeing leadership at sub-national level and States and cities are open for low carbon business.
- Connections and relationships will help create a competitive advantage for Australia.