Against a deeply troubling backdrop of escalating violence in the Middle East the work in tackling the climate challenge must go on. Not on the same scale but here in Australia there have been challenges aplenty, and some important gains, as we seek to renovate not just our carbon crediting but corporate disclosure, emission reduction and approval frameworks.
With some staff turnover we missed last month so a bit of a bumper edition and I’d like to update on issues including:
- Recent media articles
- Coal mine extensions
- NZEA, Disclosure and ASIC licensing
- FullCAM and ACCU methods
- Indigenous Country and Biodiversity Alliance
- COP29 – 31
- Upcoming events:
o Masterclass
o Global Nature Positive Summit
o AER Summit
Recent media articles
In the last few weeks, carbon markets have again attracted negative media attention. This highlighted several important issues, but also a number that are historical and predate significant recent reviews and reforms. There was also a deeply disappointing attack on pioneering efforts of the late Phillip Toyne. We’ve been attempting a right of reply with the nine papers but have to date been unsuccessful. Our responses to the articles and issues raised are available on our website. Since 2022 there have been three major independent reviews of the ACCU framework and its administration all finding it generally sound, though with recommendations for improvement.
This does not mean everything was or is perfect. We are still only part way through implementing key recommendations of the Chubb review, and important legislative changes are overdue. However, key changes have been made and the government recently released proposals to make the carbon credit scheme’s operation more transparent. It’s important we double down on, not tear down, reform initiatives while not losing sight of the need to accelerate industrial decarbonisation and to build integrity.
Coal mine extension
CMI is disappointed by the approval of 3 significant coal mine extensions in the absence of consideration of the significant broader climate impacts of resulting activities. As important as the enhancement of the Safeguard Mechanism has been, it cannot be used as an excuse for not modernising our broader planning approval framework. This is important for investors as well as local communities and workers.
NZEA, Disclosure and ASIC licensing
CMI did welcome legislative changes establishing the Net Zero Economy Authority (NZEA) and climate related financial disclosure. Alongside market-based mechanisms such as the reformed Safeguard Mechanism and complementary sectoral policies and programs, mandatory climate-related disclosure will help guide investment decisions that support Australia’s legislated climate targets and the Paris Agreement goals. The NZEA will be a crucial agency in assisting workers and communities through that work.
ASIC has published its updated Regulatory Guide 236 Do I need an AFS licence to participate in carbon markets?. CMI had recommended a few additions to the guidance asking for further examples and clarifications that ASIC has mostly incorporated. We’ll continue to work with ASIC to inform market participants of this update and next steps. ASIC will be participating both in our forthcoming Summit and Masterclass Series.
FullCAM and ACCU methods
CMI has been actively engaging with the ACCU engine room to ensure that there can be investor and community confidence that high integrity credits reward investments in climate solutions at the scale that is needed. There have been delays in current government priorities for IFLM, Landfill and Savanna methods and some issues in the Beef Herd method as we look forward to results from the inaugural assessment of independent EOIs for new methods. We look forward to progress on all these soon. We’ve also been working through data and governance issues with proposed changes to FullCAM, a government calculation tool for modelling Australia’s greenhouse gas emissions from the land sector.
Indigenous Country and Biodiversity Alliance
CMI welcomes the newly formed Indigenous Country and Biodiversity Alliance (ICBA) which “aims to ground biodiversity management in Indigenous practices and Culture to ensure the best outcomes for Country, our people and the world.” The ICBA includes CMI members Kimberley Land Council and the Aboriginal Carbon Foundation alongside the North Australian Indigenous Land & Sea Management Alliance and the Indigenous Desert Alliance. ICBA will be represented at the Global Nature Positive Summit coming up in Sydney next week and we look forward to working with them in the future.
COP 29 – 31
CMI will be attending COP29 in Baku (Azerbaijan) next month with a reduced delegation after the organisers significantly changed their pass allocation policies while having to contend with a smaller venue than last year. We are planning events and engagement at this ‘Finance COP” that will hopefully also advance Article 6 international co-operation initiatives. Stay tuned through our website and LinkedIn posts. I had the good fortune to visit Brazil with a civil society delegation and build bridges for Australia’s potential co-hosting COP31 with the Pacific. CMI Chair Kerry Schott and I recently wrote that there are investment and diplomatic opportunities for Australia and the Pacific extend well beyond the benefits of hosting the two-week event.
Upcoming events
Masterclass
The 2024 Corporate Climate Masterclass Series started with a preliminary webinar last Thursday. The five-part series will continue at the end of October with a workshop in Melbourne – aligned to the start of the Australasian Emissions Reduction Summit and will also visit Brisbane, Perth and conclude in Sydney with a post COP29 Symposium. Don’t miss out!
Global Nature Positive Summit
Next week, CMI will take part in the Global Nature Positive Summit in Sydney, co-hosting a discussion on ‘Driving Nature Positive Action Through Markets & Investment’ on Tuesday 8 October 1.30pm at the Presentation Platform. This event is co-hosted with Climate Zeitgeist.
Australasian Emissions Reduction Summit
And finally, the big one…our very own Australasian Emission Reduction Summit to be held in Melbourne from 29-30 October. We have been busy finalising the program and have a cracker once again.
This is Australia’s premier business and climate event with a focus on “Accelerating Policy and Investment”.
There are many highlights, but to name a few:
- Minister Chris Bowen and Opposition spokesperson Ted O’Brien speaking (with an upcoming federal election, this will be their essential pitch to the sector)
- Opening Panel on Net Zero Geopolitics, Pathways and Investment with international speakers from the US, Europe, Asia as well as Climate Change Authority Chair Matt Kean
- Sessions with corporate, community and regulator leaders spanning issues addressed above and more
- Indigenous participation including a keynote address from Cissy Gore-Birch Co-Chair of ICIN as well as insights from Pastor Ray Minniecon, Co-Chair Indigenous Peoples Organisation Australia
- Christiana Figueres Oration from OECD Director of Environment Jo Tyndall
- Inaugural Women in Climate Lunch facilitated by CMI Chair Kerry Schott
- Gala Dinner, and plenty of networking opportunities!
Thanks to all our sponsors including the Victorian Government as Host Partner, ANZ and CORE Markets as Diamond Sponsors.
Take a look at the program and register now!
