The Carbon Market Institute congratulates the Albanese Government after the election results from Saturday which will allow them to form a majority government. With the renewed mandate, CMI is urging the government to accelerate reforms and pursue opportunities to boost investments in climate, carbon and nature repair.
“Australians have given the Albanese Government an emphatic mandate for continuity in clean energy and decarbonisation policies. Ongoing credibility with investors, community and other countries will depend on urgent action with those policies and their administration,” said John Connor, CEO CMI.
While the election was focused on cost of living policies the issues of climate change and nature repair are important policies that require urgent attention.
To help limit the long-term costs of unmitigated climate change, CMI calls on the government to settle on an ambitious a 2035 Nationally Determined Contribution (NDC) to reduce Australia’s emissions by more than 70 % based on 2005 levels, with corresponding targets for adaptation in alignment with Paris Agreement goals. The Climate Change Authority will soon recommend a 2035 target and Australia must decide on its target and share internationally before September.
Priorities include the broadening and deepening of Australia’s climate policy suite across the economy, including the reformed Safeguard Mechanism, to support a credible 2035 NDC, informed by a national carbon market strategy and sectoral net zero plans.
There are also reforms to the Australian Carbon Credit Unit (ACCU) scheme which need finalising including unfinished integrity reforms and accelerated method development so that supply for the carbon market can be assured and turbocharge investments in industrial decarbonisation and other climate solutions.
Australia has a great opportunity to use its vast land mass to integrate carbon abatement with nature repair reforms not fully completed in the last Parliament. The opportunities can be achieved and will be discussed at CMI’s Carbon Farming Industry Forum “Scaling Carbon, Nature and Investment” from 6-8 May in Lennox Head.
“We are looking forward to working with the government to address some of the most urgent reforms that require renewed vigour and commitment to implement policies and solutions to address climate change and nature loss,” concluded Connor.
