CMI convenes government & key industry stakeholders at 6th Annual Carbon Farming Industry Forum
The Carbon Market Institute convenes its 6th Annual Carbon Farming Industry Forum from tomorrow, as both the urgency for its development and scrutiny on it has never been higher.
Independent analysis has shown that the carbon farming emission reduction and removal activities need to more than triple by 2030, alongside essential industrial decarbonisation efforts in order to meet Paris 2030 goals. Climateworks research in 2020, for example identified the need for current land based sequestration to rise to 31 to 114 megatons per year by 2030 .
In separate analysis, the Grattan Institute has recently estimated a broad spectrum of potential for the industry, with conservative estimates suggesting 30 megatons per year as currently feasible, with the potential for up to 580 megatons possible from reforestation and avoidance activities, and a further 130 megatons possible from direct air capture.
On the eve of the Forum, CMI CEO John Connor re-iterated the significant opportunity facing the industry, but warned that it cannot come at the expense of rapid industrial emissions reduction, as well as market-wide integrity:
“The numbers don’t lie. Land-based avoidance and removal needs to play an important role in our journey to net zero and beyond, alongside rapid industrial decarbonisation,” he said.
“It’s not surprising that as the urgency of action is growing, so too is the scrutiny, and it is important that we have integrity in verified and credited carbon reduction efforts as well as in the broader economic emission reduction trajectory.”
CMI will shortly be releasing a Working Paper outlining initial expert analysis of recent research papers challenging the administration of the Human Induced Regeneration (HIR) carbon farming methods and a paper on Integrity in Australia’s Carbon Market.
“It’s also important that carbon farming is integrated with agricultural, conservation and broader land management priorities and that there are clear employment, Indigenous and regional benefits.
“It was pleasing to see the Government recognise carbon farming as an agricultural activity for primary production purposes in Tuesday’s budget. We look forward to discussions to ensure that appropriate crediting and verification measures are in place for both the traceability of carbon neutrality claims of agricultural produce as well as tradeability of credits in carbon markets should landholders so decide.”
Beginning on Friday April 1, this year’s Carbon Farming Industry Forum will be a two-day virtual event bringing together Australia’s carbon industry stakeholders to consider the latest developments and progress key actions of the Carbon Farming Industry Roadmap.
The full program can be viewed here, with speakers to include (among others):
- The Hon. Chris Bowen MP, Shadow Minister for Climate & Energy
- The Hon. Angus Taylor, Minister for Energy & Emissions Reduction
- The Hon. Meaghan Scanlon MP, Minister for Environment & Great Barrier Reef, Queensland Government
- David Parker, Chair, Clean Energy Regulator
- Eliza Murray, General Manager, Climate Change Authority
- Dr. Brian Keating, Executive Director, CSIRO
- Anna Boustead, Coordinator, Indigenous Carbon Industry Network
- John Connor, CEO, Carbon Market Institute
“At this critical time for carbon farming and markets, and in the context of recent interventions and independent criticism, this year’s Forum will focus on integrity, resilience and our regions, as well as the critical role the industry needs to play alongside broader decarbonisation,” said Connor.
The Carbon Market Institute is the independent industry association for business leading the transition to net zero emissions. Its over 130 members include primary producers, carbon project developers, Indigenous corporations, legal and advisory services, insurers, banks and emission intensive industries developing decarbonisation and offset strategies. CMI’s policy positions do not necessarily represent the views of all CMI members.
If you would like an interview, please contact Thomas Hann on 0408 880 536 or via email: thomas.hann@carbonmarketinstitute.org
