CMI Update

“Accelerating to Zero” is not just the theme of our Summit next month but an increasingly shared goal from Brussels to Beijing, Tokyo to Seoul…and possibly Washington. On Friday afternoon, following an extraordinary week in climate geopolitics and policy with announcements from China, Japan and South Korea, I attended in-person(!) the launch of centre-right thinktank Blueprint Institute’s “Powering the next boom” report.

Speakers highlighted why more Australian businesses and all states are backing net-zero emissions by 2050. They noted business understood that Australia, as a relatively small and open economy, could not hold out in a world where trading and export partners are moving policy and investment in that direction.

The Blueprint report (see link below) recommended Net-Zero by 2050, transmission investments, a just transition focus and rejection of Kyoto Carryover credits. Echoing arguments CMI has used in pursuit of the latter, the report states Australia’s “international standing depends not on our emissions offset by carryover credits, but rather on the tangible actions we take to lower emissions in the coming decade…Our capacity to execute free trade agreements…could well become contingent on our emissions reduction efforts.” The report highlights that Kyoto carryover credits could allow an actual increase in emissions above projections by 2030, a fact that wouldn’t be missed internationally or in the Pacific.

Last week also saw ANZ share stronger climate policies in what their CEO recently described as an “old fashioned risk management” approach. Whilst this attracted some unfortunate attention, ANZ’s actions sound exactly like what a well-managed commercial bank would be working on. They are committing to a 10-year plan to work with their largest emitting clients on a clear and present risk being recognised by increasing numbers of nations, investors, suppliers, customers and the community. Shouldn’t be controversial. Should be congratulated.

This Update shows how rapidly things are moving, and the opportunities that are emerging as policy and investment “accelerates to zero”. To make sense of it all don’t miss our forthcoming Australasian Emission Reduction Summit.

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Stay safe,
John Connor
Carbon Market Institute

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