The Carbon Market Institute (CMI) congratulated the incoming ALP government, and with climate change a decisive factor in electorates across the country, it called on both major parties to now embrace the urgency and opportunity that comes with greater ambition.
“After witnessing more than a decade of political debate, as well as the direct impacts of a warming climate on lives and livelihoods, Australians recognise the need for urgent action on climate change and have voted with their feet,” said John Connor, CMI CEO.
“This election has the potential to be a watershed moment in unlocking a far more ambitious climate agenda and urgent action this decade, however it must be accompanied by the right policy settings and governance structures,” he said.
CMI emphasised the need for the elected Labor government and cross bench parliamentarians to set up independent and investment-grade institutions and policies to meet and beat proposed climate targets.
“This new Government and Parliament needs to not only surpass its 2030 emission reduction target of 43%, but also set a much stronger target for 2035 under the Paris Agreement. It also needs to better engage with and support the international community in accelerating to net-zero emissions before 2050,” he said.
Connor said that the election outcome had provided a timely platform for the renovation of Australia’s carbon market governance and ambition, but also an opportunity to better align whole-of-government and business decarbonisation efforts.
“In addition to its review ahead of the strengthening the Safeguard Mechanism, the incoming government should request all government departments, agencies and senior executives to report and coordinate on initiatives to align with a rapid and inclusive transition to net-zero emissions.”
“CMI looks forward to working with the Government, independents and other parties to help manage the risks and maximise the opportunities of this economic transition,” he said.
For the Liberal Party, Connor noted that the election result was an opportunity to refresh its approach to climate policy:
“It has been disappointing to see that effective carbon policy has often been overtaken by partisan politics and scare campaigns,” said Connor.
“We look forward to having more robust discussions with all parties and independents about the policies that effectively drive emissions reductions and removals, and direct finance to where it’s most needed for mitigation, trust and integrity in this emerging market,” he said.
About the Carbon Market Institute
The Carbon Market Institute is the independent industry association and centre of excellence for business leading the transition to net zero emissions. Its over 130 members include primary producers, carbon project developers, Indigenous corporations, legal, technology and advisory services, insurers, banks, investors, corporate entities and emission intensive industries developing decarbonisation and offset strategies.
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