CMI Update

Today’s Greenhouse Gas Inventory numbers – an annual drop of 1.4% and an estimated 8% annual drop for the June Quarter – are good news from an emissions perspective. These drops, however, come from a mixed provenance of good policy, technology improvements and misfortune. Misfortune comes not just from the economic effects of COVID but also from the prolonged drought that’s mercifully eased in much, but not all, of Australia.

The need for policy not polemic has never been greater, nor more widely recognised across Australian business and community. This month saw even more calls for integrated climate, energy and land management policy towards net-zero emissions by 2050, and for building greater climate resilience.

The National Farmers Federation (NFF), subject to appropriate policy, backed a 2050 economy wide net-zero emissions target, noting some agricultural sectors are on a more rapid implementation trajectory.

NFF also joined the BCA, ACTU and others this month in stating that Australia is “currently woefully unprepared for the scale of climate change threats that will emerge over the coming decades”. These groups noted some signs of hope, and that Australia enjoys significant natural advantages to adapting and reducing emissions. “For example, [our] expertise in agricultural production systems means that we can easily deploy certain nature-based solutions, such as carbon sequestration in biomass and soils, which not only contribute to agricultural resilience but also help mitigate climate change”.

While the Greenhouse Gas Inventory numbers show some progress, emissions in the land sector have gone backwards by 8%.

The next couple of months will be a test of the extent to which the Australian Government will give policy guidance and support to integrating the tasks of land, climate and post COVID repair. It is digesting feedback on its Technology Roadmap Discussion Paper, preparing its crucial October budget and moving to implement responses to the King Review.

CMI has been engaging with governments at all levels and our members on the opportunity for change, you’ll see other examples of business leading the transition below. Our Carbon Conversations have also been a tremendous showcase for business action and we’ll have news on the December Summit soon.

With support from our growing list of members we can continue to provide these updates and other services. Please see the benefits you’ll receive through Corporate or Associate CMI Membership or as an individual Professional Network Member, this includes access to our Members Portal, storing the full catalogue of Carbon Conversations and much more.

Stay safe,
John Connor
Carbon Market Institute

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