The Carbon Market Institute (CMI) has today welcomed the passing of the Albanese Government’s Climate Bill into law as a vital signal for accountability and investment, as well as an important platform for greater ambition as Australia looks to the 2035 NDC and beyond.
CMI CEO John Connor said the legislated commitment was another important symbol of progress in Australia’s decarbonisation journey and for its reputation on the global stage, however re-iterated the work still to be done to facilitate and ‘ratchet up’ the government’s new agenda:
“Today’s announcement provides the strong policy certainty that industry and the business community have been missing for some time, and as such, it’s a really important milestone for climate progress in this country. We also welcome the additional transparency and accountability measures embedded in the new Bill through the work of Green and Independent members.”
“Work now turns to creating policies that will mobilise investments to 2030 and beyond. We need strong decarbonisation investment signals and a robust climate action crediting framework that meets and beats the 43% target, in order to accelerate climate action towards net zero and then negative emissions.”
“The next step is to ensure a strengthened Safeguard Mechanism and a carbon crediting system that is fit-for-purpose. Both are urgent and vital to progress in addressing in our twin climate and biodiversity crises.”
“The rubber will really hit the road once these reforms are complete, and will lay the foundation for an even stronger 2035 NDC, which will need to be prepared within this term of government,” he said.
Importantly, CMI notes that the new legislation also empowers the Climate Change Authority to track progress against these targets, as well as advise on future targets under the Paris Agreement.
“It’s vital that we have these independent institutions in place to remain accountable and also ensure we are learning from global best practice,” said Connor.
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.
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