The Carbon Market Institute’s (CMI) has opened the second day of its 6th Annual Carbon Farming Industry Forum with Greens leader Adam Bandt and rural Independent Helen Haines detailing strong policy announcements to build on and ensure integrity in Australia’s emerging carbon market.
Bandt opened by saying the “the opportunities for Australia to be a global provider of verified carbon credits are unparalleled by any other country,” however cautioned that “we have to make the right decisions now and we have to have an eye on the long game, not the short term.”
“The world wants good quality carbon credits and this demand will only grow over coming years. But we can’t harness this opportunity if there’s any doubt at all about the quality and integrity of our carbon credits and, most importantly, the methodologies that certify them,” he said.
To move the market forward, Bandt announced two new policies:
“First, an Australian 2050 target of 100 million tons below net zero for each and every year until we return the planet to a safe climate.”
“Secondly, to start that work now, the Greens have asked the Independent Parliamentary Budget Office to cost a guaranteed $50 minimum price paid to land managers who generate trusted and verified ACCUs.
“Right now, very few land managers are taking advantages of the financial opportunities to store carbon. A single government desk purchasing abatement for $50 will encourage new supply so that we are ready to expand into a global market as soon as it arrives. But this also sets a floor price, meaning that companies that want to offset their emissions have to offer more than $50,” he said.
Rural independent and member for Indi, Helen Haines, addressed challenges of integrity, complexity bureaucracy affecting farmers entering the market, and called for a “21st century agriculture extension program” to better cater to rural communities.
“If we want farmers to share in the $24 billion in revenue that the Carbon Market Institute foresees for this industry, then a 21st century agriculture extension program, laser-focused on farmers hitting net zero, is exactly what we need,” she said.
Helen Haines made ending the “toxic” and “partisan” climate debate a key priority and both she and Adam Bandt supported reviews of the Australian carbon regulatory and assurance framework.
CMI CEO John Connor welcomed the announcements:
“As we look to scale up this industry alongside the urgent and deep cuts required to industrial emissions, we need to be maximising benefits for regional communities, land managers and the environment.
It is also important to see politicians begin to grapple with the reality that we need to build investment and integrity frameworks that not just help achieve net-zero emissions, but the negative emissions we will need for decades to return to a safer climate. Adam Bandt’s comments and ideas in this regard are welcome,” he said.
The Day 2 program continues this afternoon, with speakers to include (among others):
- PNG Governor of Oro Province, Gary Juffa
- Fiona Davis, CEO, Farmers for Climate Action
- Kate Andrews, Executive Officer, NRM Regions
- Heather Campbell, CEO, Bush Heritage Australia
- Euan Friday, Co-Founder & CIO, Kilter Rural
- Michelle Gortan, CEO, Macdoch Foundation
About the Carbon Farming Industry Forum
This year’s Carbon Farming Industry Forum is 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 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.
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