Media Release

The release of the latest IPCC Climate Science report puts a spotlight on Australian action, policy shortfalls and opportunities, said the Carbon Market Institute (CMI). It highlights the urgency regarding the transition to net-zero emissions and to a net-negative emission global economy.

CMI CEO John Connor is available for comment on the policy implications of the IPCC report for Australia. “While there have been recent important pragmatic micro-reforms, Australia still mostly has the policy goals and structure determined by Prime Minister Tony Abbott in mid-2015,” said Mr Connor.

“However, it may surprise many that Australia has carbon markets and carbon pricing in both compliance and voluntary markets. We urgently need to evolve the policies behind these, and their ambition, so they are fit for purpose for Australia to do our fair share in climate efforts.

It is also becoming clear Australia’s relative inaction is risking overseas investment and carbon taxation on our exports through carbon border adjustments.” (See Mr Connor’s commentary on this here).

CMI’s Advocacy Positions Statement calls for reform of carbon markets and associated Australian Government policies including:

  • Legislate a clear goal of net-zero emissions by 2050

  • Strengthen the 2030 Nationally Determined Contribution (NDC) to be aligned with Paris Agreement goals (to limit warming to 1.5C)

  • Transition the Safeguard Mechanism to a baseline and credit scheme that drives emissions reductions across the economy, at least in-line with Australia’s NDC

  • Develop a Clean Industry Research and Development Strategy to support sectoral decarbonisation pathways and emission reduction technology development

  • Introduce a $1 billion 5-year Land and Environment Investment Fund to support innovation, attract large scale investment, streamline regulation, reward ecosystem services, build resilience and promote climate solutions for farmers

“Australia is in the firing lines of climate impacts, we are already experiencing this. But we also have abundant opportunities in climate solutions. Opportunities are in both decarbonisation and the drawdown of atmospheric greenhouse gases otherwise known as carbon sequestration,” added Mr Connor.

The Carbon Market Institute is the independent industry association for business leading the transition to net zero emissions. Its over 100 members include primary producers, carbon project developers, Indigenous corporations, legal and advisory services, insurers, banks and emission intensive industries developing decarbonisation and offset strategies. To interview CEO John Connor contact Clare Price 0490 252 743

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