The Carbon Market Institute (CMI) has today welcomed the Albanese Government’s new Climate Bill, labelling legislated 2030 and 2050 targets as vital signals for accountability and investment, as well as important platforms for greater ambition as Australia looks to the 2035 NDC and beyond.

CMI CEO John Connor said legislated commitments were an 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:

“Legislated targets will provide 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 now have the car chassis. The next step is to revitalise the engines that will drive this increased ambition, in particular a strengthened Safeguard Mechanism and a carbon crediting system that is fit-for-purpose.”

“The rubber will really hit the road once these reforms are complete, and will lay the foundation for an even stronger 2035 NDC, which is also due for submission within this term of government,” he said.

Importantly, CMI notes that the new legislation will also empower 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. CMI also recently released its 5 Priorities For Climate Action and Carbon Markets.

For further information, contact Thomas Hann on 0408 880 536 or thomas.hann@carbonmarketinstitute.org

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