CMI welcomes inaugural Climate Change Statement to Parliament but projections falling short of 43% target highlight need for greater policy ambition now
The Carbon Market Institute (CMI) has congratulated the Minister for Climate Change and Energy Chris Bowen on the delivery of the Albanese Government’s first Annual Climate Change Statement to Parliament, an important transparency initiative to track the government’s climate progress.
CMI also highlighted that greater policy ambition is needed to ensure Australia’s legislated 43% 2030 emissions reduction target is met and for credible 2035 targets to be prepared over the next 3 years.
Accompanying departmental emissions projections revealed Australia is on track to achieve a 40% reduction on 2005 levels by 2030 and 48% by 2035 if current policy suite of additional measures is implemented, a 33% improvement on the last 30% reduction projection of the Morrison government.
“We congratulate Minister Bowen on the delivery of the inaugural Climate Change Statement to Parliament, an important and now legislated commitment to transparency on Australia’s progress towards meeting its climate ambitions,” said John Connor, CEO CMI.
“The ‘additional measures’ projections include renewable energy and enhanced Safeguard Mechanism driven reductions, but which still leave Australia short of our 2030 target and well adrift of a credible 2035 target.”
The projections assume emissions from facilities under the Safeguard Mechanism decline from current 137 Mt to 100 Mt in 2030.
“The projections highlight the need for greater ambition than the proportional share allocation which reflects the more conservative end of the annual decline rate in the Government’s consultation paper of just below 4% per year. CMI supported the upper end of that range or 6% per year and the scaling of the facilities and sectors covered by the Safeguard Mechanism.”
“A stronger and scaled up Safeguard Mechanism, alongside extra policies for agriculture an transport will be needed for credible 2035 targets and to ensure Australia meets and beats the 43% target for 2030.”
“We also welcome the government’s commitment to support recommendations of the Climate Change Authority including a long-term sectoral, whole-of-economy, net zero plan; a national carbon market strategy and further emissions reductions to be delivered through the National Reconstruction Fund and National Electric Vehicle Strategy.”
About the Carbon Market Institute
The Carbon Market Institute (CMI) is an independent member-based institute for the transition to net zero emissions. Its 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. The positions put forward constitute CMI’s independent view and do not purport to represent any CMI individual, member company, or industry sector.
For further information, contact John Connor on 0413 968 475 or john.connor@carbonmarketinstitute.org