November was a good month for the grinding machinery and associated components of the Paris Agreement. Good, not great. The headlights are beginning to point in the right direction when it comes to policy pledges and ambitions, with the most optimistic analysis suggesting full delivery of these could limit average global warming to below 2C. But we still need stronger private and public policy engines this decade to take us on a path that avoids the devastating loss of lives, livelihoods and ecosystems that we now know will follow warming beyond 1.5C. You can read more in our COP26 Key Takeaways and Article 6 explainer and additional links below.
I am excited by the program we have put together for the 8th Australasian Emissions Reduction Summit next Thursday and Friday. With a great line-up of speakers, we will examine the scientific, regional and technological realities of the transition as well as corporate challenges and opportunities. We are working with staff at the International Convention Centre to ensure we have the best possible precautions, and we are continually monitoring COVID-related developments. The team has once again built an awesome online platform for this hybrid event and if it must take centre stage then it will, but with 500+ in-person and 400+ online registrants we hope we can do a full hybrid event!
Glasgow made important progress in establishing boundaries for international cooperation and carbon markets under the Paris Agreement but also ensured key details will be thrashed out over the next couple of years. This is a generational opportunity to get international ground rules right to ensure we harness the best of market forces and results-based programs, and ultimately meet the twin climate and biodiversity crises. Australia has much to offer from its decade of experience and it is important we continue to review and build on the strengths of our climate action and carbon reduction crediting framework. Integrity in the credits and in the emissions trajectory will be critical and a major focus for the work of CMI in 2022.
I am delighted to announce that last night three new CMI Directors were elected by our members. Climate Friendly’s Skye Glenday, Market Advisory Group’s Raphael Wood and Energy Australia’s Anna Hancock will join the Board as constitutional limits meant the departure of Pollination’s Megan Flynn, GreenCollar’s James Schultz and EY’s Emma Herd who retired earlier this year. I want to share my and CMI’s gratitude to Megan, James and Emma, as well as to Matthew Bell who departed last year, for their outstanding service.
Stay safe and see you at the Summit next week!
Carbon Market Institute