As Australia reaches the 10-year anniversary of its carbon pricing mechanism, the Carbon Market Institute (CMI) will today host its inaugural Symposium event, bringing together key industry stakeholders, academics, government officials and policy experts to reflect on the lessons learnt and challenges ahead as the market enters a pivotal new phase.
As important context for the event, CMI welcomes and looks forward to participating in the Ian Chubb-led review of Australian Carbon Credit Units (ACCUs). CMI also looks forward to further details on Safeguard Mechanism reform, set to commence in July 2023, as a critical contributor to Australia meeting its net zero ambition. (See CMI Research released yesterday: Potential Futures for Australia’s Safeguard Mechanism)
“As we look back on what has been a tumultuous decade for the market, with some elements repealed and others advanced, today provides an important opportunity to reflect, but also to galvanise for what is a vital pivot point for the future of Australian business and emissions,” said John Connor, CMI CEO.
“We are now on the cusp of a historic shift from taxpayer-funded crediting scheme to one that will be driven primarily by the private sector as it takes up demand from greater compliance obligations, but also voluntary commitments in the transition to net-zero emissions.”
“However, for the market to serve its purpose of driving real and additional emissions reductions and removals, and directing finance to where it’s most needed, the priority must be to make sure our carbon credits and their governance are fit for purpose.”
“As such, we support the upcoming review as a key opportunity to build on and improve the integrity and investability of the carbon crediting framework that can also be leveraged for significant environment, Indigenous and other social co-benefits supporting sustainable land management and biodiversity conservation,” he said.
Minister for Climate Change and Energy, the Hon. Chris Bowen, will headline the program, which includes a range speakers who will draw from their experiences of the last decade, including:
- Anthea Harris, CEO, Energy Security Board
- Raphael Wood, Managing Director, Market Advisory Group
- Alison Reeve, Climate Change & Energy Deputy Program Director, Grattan Institute
- Luke Donovan, Executive Director Environmental Markets, Commonwealth Bank of Australia
- Adrian King, Partner, Climate Change & Sustainability, KPMG
- Amanda Cahill, CEO, The Next Economy
- Rowan Foley, CEO, Aboriginal Carbon Foundation
- Anna Hancock, Head of Sustainability & Climate Change, EnergyAustralia
- Blair Comley, Net Zero Centre Lead & Partner, EY
- Tennant Reed, Head of Climate, Energy & Environment Policy, Australian Industry Group
- Barry Sterling, Partner, Energy Transition Leader, KPMG Australia
For information on virtual attendance for the Symposium, contact Thomas Hann on 0408 880 536 or thomas.hann@carbonmarketinstitute.org
About the Symposium
The Carbon Pricing Mechanism was one of the world’s first national emissions trading schemes with broad economic coverage, requiring liable entities to pay a price for their emissions under independently reviewed declining caps. Although repealed in July 2014, the scheme’s implementation and two-year operation was significant. It signalled the birth of Australian carbon markets which continued under the Emissions Reduction Fund and its Safeguard Mechanism. Key supporting institutions and policies like the Renewable Energy Target, the Clean Energy Finance Corporation, ARENA and the Climate Change Authority have since endured to a large extent.
This Symposium will bring together industry stakeholders, academics, government officials and policy experts from across the political spectrum. The goal is to reflect on the lessons of the last decade for our challenge in this critical decade in the transition to net-zero emissions before 2050.
About the Carbon Market Institute
The Carbon Market Institute (CMI) is a unique independent member-based organisation that is an industry association that also promotes best practice for business leading the transition to net zero emissions. Its over 140 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. CMI Research includes its Post-election Briefing: 5 Priorities For Climate Action and Carbon Markets.
