CMI Update

Recent promising signs of momentum received a reality check last week.

The UNFCCC released its assessment of the effectiveness of nationally determined contributions (NDCs). It revealed that current commitments will amount to a fall in global carbon emissions of less than 1% between 2010 and 2030. The IPCC says 2005 global emissions must reduce some 45% by 2030 to limit global warming to 1.5C above pre-industrial levels.

This is an indictment on all NDCs, not just Australia’s. However, Australia is among a shrinking group not committed to strengthening targets. The U.S. is to submit a 2030 NDC by the 22 April 2021, at the global leaders gathering.

The importance of greater ambition, and the inextricable link between land and climate, was highlighted by a study last week. It revealed that 19 of 20 key Australian and Antarctic ecosystems were “collapsing” due to climate change and other stressors. The report authors stress that the worst impacts can be averted but that it will take more urgent action.

The prospects of greater action received a boost with the U.S. formally rejoining the Paris Agreement on 19 February, this was the focus of the first of our 2021 Carbon Conversations. They’ll be back with a mix of public and member-only conversations in the Friday noon time slot, with a fruitful member-only Soil Carbon discussion last Friday.

This update highlights new and very welcome member and private sector initiatives. It also highlights that the growing focus on urgency comes with a growing focus on taxonomy, transparency and integrity. We’ve been involved in active discussions with the membership on these matters and are progressing plans to take our world first Carbon Industry Code of Conduct to operational status in July.

I am delighted to have NAB, the CO2CRC and Macdoch Ag Group join the CMI membership, reflecting the diverse and growing range of our members. The value our corporate membership generates can be found in our 2021 member prospectus. 2021 will also be the first time our Summit will be held in Sydney. There are more details coming very soon but don’t miss out on limited sponsorship opportunities.

John Connor
Carbon Market Institute

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