June was a challenging month with the disappointment of having to postpone our Summit overshadowed by the passing of Chloe Munro AO. With grace, humour and insight Chloe helped establish world class markets for the deployment of renewable energy, carbon farming and other carbon reduction crediting. Chloe assisted CMI greatly in various ways, but her broader legacy is large and will endure.
Yesterday CMI took a large step in buttressing that world class market with the operationalisation of the Carbon Industry Code of Conduct. This world-first Code has been in pilot foundation and transition mode for three years but is now fully operational. Congratulations to signatories, supporters and staff that have made that possible. We welcome the NSW Government joining Queensland as a Code partner. We also welcome the fact that the Code is to play a key role in the WA Carbon Farming and Land Restoration Program, like that under the Queensland Land Restoration Fund.
Keen observers will also note we have been renewing our website and hope this will be even more useful to visitors and members as we complete this renewal over coming weeks.
June saw continued development of the international compliance and voluntary carbon market architecture. This involved the G7 supporting mandatory climate risk disclosure with some G7 members increasing their climate finance commitments – steps that we will hopefully see in Australia’s forthcoming Long Term Strategy announcement.
At home the Clean Energy Regulator is taking a number of steps to streamline administrative processes. We will work them to ensure these assist carbon market expansion, while maintaining or enhancing integrity and assurance standards.
We have also worked with the CER to prepare video case studies that highlight the significant employment and environmental benefits that come from carbon farming projects, as well as the climate benefits that flow from sequestering carbon through agricultural activities and land management. It was a pleasure and an education to visit these carbon farming sites first-hand to see the benefits being delivered and I’d encourage others to do so. I’d like to thank the farmers, their staff and local businesses we spoke to for their enthusiastic participation.
As many of us cope with lockdowns our Victorian colleagues have endured before us, I hope you all stay safe and that we emerge at the end of this month with the Summit in full bright prospect. The enthusiasm and patience for this Summit from sponsors, speakers and registrants has been tremendous and much appreciated!
Carbon Market Institute