Welcome back to yet another vital year for investment in climate solutions. Here in Australia the hard yakka continues, implementing reforms to the Safeguard Mechanism, carbon crediting framework and disclosure regimes alongside the challenges of the clean energy transition. That will overlap with a fresh wave of policy development as early next year we will have both an election (if not before) and a responsibility to share our 2035 nationally determined emissions reduction targets and contribution (NDC) with the rest of the world.
Though we still have much to do, 2023 was one of the most constructive years in Australian climate policy development in over a decade. I’m proud of the impact that CMI and its members could contribute. Our 2023 Impact Report highlights just some of our significant contributions in Australia and the region.
This year, CMI will continue to champion broadening and deepening of domestic climate policy, including the Safeguard Mechanism, to support a 2035 NDC with at least a 70% reduction on 2005 emissions levels, as per our recently updated CMI Policy Positions. We’ll also work to significantly strengthen investor and community confidence in carbon markets as an integral part of, not a substitute for, credible decarbonisation plans aligned to Paris Agreement goals.
We’ve begun that work with an independent review underway into the Carbon Industry Code of Conduct to ensure it – as recognised by the Chubb Review – continues to enhance integrity in the ACCU Scheme alongside other key reforms. Our submission to the 2024-25 Federal Budget contains key checkpoints to ensure public investments adequately and sustainably boosts private investment with integrity, scale and social, Indigenous and environmental co-benefits.
We’ll continue our work with partners in the Asia-Pacific to build capacity, integrity and investment. We’ll deepen engagement in credibility, disclosure and market reforms in international voluntary and UNFCCC carbon markets.
Last but not least we’ll be expanding CMI member and community engagement and educational activities. Stay tuned!
Thank you for your ongoing support, and I look forward to a productive year that accelerates policy and investment and significant emission reductions.
John Connor
CEO
Carbon Market Institute
