The 7th Carbon Farming Industry Forum concluded after two constructive days of discussion as delegates tackled key issues and opportunities for the supply side of the carbon market, while progressing actions of CMI’s Carbon Farming Industry Roadmap.
Day 2 saw practical conversations on regional climate action, data and transparency, Free Prior and Informed Consent (FPIC) and the integration of carbon and biodiversity markets, among other key topics.
CEO John Connor commented that “The second day’s discussions provided a chance to delve deeper into the detail, both in our domestic context but also learning more about opportunities for engagement with our pacific neighbours. Transparency and Indigenous engagement also remained hot-button issues which will need to be worked through and prioritised at a federal level as well as by industry participants in this critical phase of development and growth.”
“We leave Cairns having held robust and engaging discussions, with many more still needed – several of which will happen at our Singapore Carbon Market & Investor Forum, and our 10th Australasian Emissions Reduction Summit. There will be important consultations implementing outstanding Chubb ACCU Review recommendations and re-engaging carbon crediting method developments that assist, climate, agricultural productivity and co-benefit delivery. The Nature Repair and environmental legislative reform later this year will also require close attention.”
“I am encouraged by the tenacity and honesty with which delegates have approached important topics over the last two days. We look forward to the year ahead which will be vital for the future scale and integrity of the carbon farming industry and its potential not only in supporting industrial decarbonisation through the Safeguard Mechanism, but also in supporting agricultural emission reduction alongside Indigenous and nature repair outcomes,” Mr. Connor concluded.
Highlights from Day 2 included:
- The first plenary session of the day highlighted the opportunities for Australia to share its expertise in the region, with its increasing focus on integrity and best practice providing an opportunity and example for Asia Pacific countries looking to scale up their own markets.
- The second plenary session explored issues of social & community license and how carbon farming can ensure delivery of appropriate benefit sharing and regional opportunities. The discussion covered a number of approaches which have direct contractual delivery (e.g. Land Restoration Fund), as well as management against frameworks such as Indigenous Land Use Agreements, Natural Resource Management Plans and social benefit frameworks. Refining and integrating these approaches will be important.
- A session on transparency explored the issues and next steps for data sharing across the industry, particularly ‘how and where’ to house integrated agriculture, carbon and nature information. Robert Waterworth, CEO of natural capital and land carbon accounting company FLINTpro cautioned that it isn’t just a matter of collecting more data, but to make sure “the appropriate data is being used at the appropriate time for an appropriate purpose”. The panel also agreed that there was a need to build up and properly resource analytical capacity across the industry in order to make it broadly accessible, but also as a more effective tool for industry participants to analyse and improve performance over time.
- Following Day 1’s presentation and release of a statement from over 100 representatives of Indigenous groups, covering issues critical to them from their experience in the industry, a follow-up session was held on Tuesday to discuss best practice approaches to FPIC. It was re-iterated that gaining consent from Traditional Owners for a projects “is not a valid reason to promote Indigenous values of a project,” while panellists also discussed that the industry needed a clearer way forward on the issue of conditional consent.
- The proposed Nature Repair Market framework was the focus for one of the morning’s workshop sessions, attended by the Department of Climate Change, Energy, the Environment and Water (DCCEEW), alongside a number of biodiversity experts. DCCEEW noted that one of the main points of feedback on the reform so far has been on the proposed single certificate issued per project, with stakeholders concerned that it will not ensure market liquidity. The bill is due to be finalised by the end of 2023, with consultation continuing in the second half of the year.
Access the Media Kit with all the updates from the Carbon Farming Forum here.
View CMI’s Carbon Farming Scorecard report here.
About the Carbon Market Institute
The Carbon Market Institute (CMI) is a member-based institute accelerating the transition towards a negative emissions, nature positive world. It champions best practice in carbon markets and climate policy, and its over 150 members include primary producers, carbon project developers, Indigenous organisations, legal, technology and advisory services, insurers, banks, investors, corporate entities and emission intensive industries. The positions put forward constitute CMI’s independent view and do not purport to represent any CMI individual, member company, or industry sector.
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