CMI Update
What a massive month! From the microscopic to the multilateral there have been important developments making this a bumper issue.
I am delighted to announce we will be proceeding with the Australasian Emission Reduction Summit this year, with an almost fully virtual experience. The Summit will be held on 2, 3 and 4 December. We’ll be staggering hours to pick up special international guests in overlapping time zones. The Great Debate, Q&A, plenary and workshop sessions will return. Last week’s National Carbon Farming Forum used the Hopin platform, with participants networking for over an hour after program close. We’ll be using Hopin for the Summit, and its virtual exhibition and meeting room functions.
There’ll be lots to discuss with outcomes from Queensland, NZ and US elections, and the looming anniversary of the Paris Agreement. COP26 leaders will join us as the significance of burgeoning commitments to mid-century net-zero emissions targets and 2030 NDC enhancements sink in.
China’s commitment to 2060 carbon neutrality and NDC enhancement surprised many. Its implications for the climate and geo-politics are important. It locks in the Paris Agreement regardless of the outcome of the US election. It raises the stakes in the Pacific, where countries are looking for real commitments for stronger action not just promises thereof. It has significant implications for Australia’s exports. The next steps will be critical, in particular China’s five year plan due in March. Now 121 nations and increasing companies have net-zero emission targets to guide their strategies.
Australia is increasingly isolated in this regard, but did announce some pragmatic and practical near-term initiatives in its Low Emission Technology Statement (LETS) and responses to the King Review. CMI welcomed the refunding and extended mandates for ARENA and CEFC with the CER to join those agencies in focusing on low, zero and negative emission technology development. I also welcomed Minister Taylor’s commitment that only a minor $95 million portion of the $2 billion Climate Solutions Fund would be taken from ongoing ERF auctions.
Carbon farming joined the big league with soil carbon measurement among the top five priorities in the LETS and CMI members are establishing a soil carbon taskforce. We’ll be working with the government, business and others in the commitment to develop methodologies within 12 months. There are also significant opportunities in landscape, blue carbon, savanna as well as industrial methodologies. Exciting too are the developments in the states, with others following, or being inspired by Queensland’s innovative Land Restoration Fund in looking to realise social, economic and environmental co-benefits from carbon projects.
All these and more will be discussed at the Summit and are highlighted below in this update. Looking forward to many more massive months in our challenge to accelerate to zero!
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Stay safe,
John Connor
CEO
Carbon Market Institute
