Next steps for net zero
While detractors continue to challenge the notion of net zero, momentum continues to build in policy development and business decision making as we anticipate the announcement of Australia’s ratcheted 2035 national climate target before Prime Minister Albanese attends the UN General Assembly later this month.
As I highlighted at our 12th Australasian Emissions Reduction Summit that took place in Melbourne in August, the task now for government is steer Australia through potentially more turbulent waters, avoiding the pitfalls of poor judgement and inadequate planning. This task will require foresight in developing robust policy frameworks that can stand the test of time and provide investment confidence. It will require cooperation with our key trading partners, particularly in the Asia-Pacific region. And it will require building trust with our businesses and communities, to ensure a prosperous and just transition.
Senior business leaders at our Summit reiterated the importance of policy certainty for long-term decision making and investments.
“What corporates like is policy clarity. What they don’t like is moving goal posts,” said Orica chief executive officer Sanjeev Gandhi.
Industrial facilities and mines can have a lifespan of up to 100 years, and the businesses that run them “do not want policy changing every three or four years”.
This is a compelling counterpoint to the Parliamentary debate of the Repeal Net Zero Bill 2025 introduced by Barnaby Joyce and aided by political headwind to remove Net Zero from state Liberal and National party policies. This together with continued rumblings of real zero is a distraction from the necessary policy direction towards net zero.
Our focus needs to be accelerating towards net zero – on making the most of these crucial next few years – by strengthening Australia’s market-based mechanisms and supporting investment confidence for Australian businesses.
Minister Bowen told the Summit that those who say there is no place for a well-regulated, highly professional carbon trading system as part of Australia’s efforts to reduce and avoid greenhouse gas emissions are “ill-informed”.
Our Summit canvased a number of important themes including Australia’s ratcheted 2035 NDC, ways in which to strengthen carbon pricing and investment through market-based mechanisms, the opportunity for greater international cooperation, nature repair and ensuring a just transition. If you’d like to re-cap the discussion, or have missed the Summit and would like to know more about what was discussed, please join our free Carbon Conversation webinar scheduled on 5 September from 12PM. The panel will feature Dan Ota from ANZ, Chris Halliwell from CORE Markets, Ilona Millar from G+T and Eliza Murray from the Climate Change Authority.
A good starting point is also the remarks from Chris Halliwell from CORE Markets, one of the event’s partners.
COP30 update
CMI is collaborating with the Australian Government and the Australian Brazilian Chamber of Commerce on COP30 actions which will take place in Belém, Brazil from 10-21 November 2025. With the Paris Agreement rulebook and Article 6 largely bedded down, this Amazonian COP will focus on climate finance and a blueprint towards delivering and distributing the necessary investments.
Despite considerable concerns around logistics in Belem, this Amazonian COP will be a key milestone focused on accelerating climate action and strengthening NDCs, particularly the 2025 submissions (NDC 3.0 – due by September) which are expected to be more ambitious and informed by the first global stocktake of progress on the Paris Agreement goals.
Brazil Week 2025
As part of Brazil Week 2025, CMI is participating in a range of events throughout September that will showcase the important role of carbon markets in decarbonising industry and facilitating international climate cooperation. CMI’s partnership with Brazil Week and engagement with these events underscores the important relationship between Australia and Brazil as international climate leaders, as momentum builds towards COP30 and Australia’s hosting of COP31 with our Pacific neighbours.
CMI will be participating in the following events nationwide:
On 9 September, I will be participating in a roundtable at the Brazilian Embassy in Canberra on COP30 and Beyond: Australia/ Brazil Partnerships in a Changing Geopolitical World.
On 11 September, CMI Board Member and Partner at Gilbert+Tobin, Ilona Miller will speaking at Sydney Business Day on Carbon Markets and Innovative Finance Platforms.
And on 22 September, I will be speaking at the Brisbane Business Day on Navigating carbon markets in the net zero transition
_______________________________________________
Upcoming events
Looking ahead, there are a number of additional events where you can catch CMI speakers representing the carbon market sector:
Carbon Link is hosting a webinar on Understanding Emissions, ACCUs, and Where the Market Is Heading on 3 September with Kelly Smith, Net Zero Engagement Manager, CMI, presenting.
CMI’s Manager, International Research & Projects, Mei Zi Tan will speak on Carbon Market Trends & Insights for Buyers (APAC Session) at a South Pole webinar on 16 September.
Singapore Carbon Market & Investor Forum
The Carbon Market & Investor Forum will be held from 16-17 October in Singapore. Now in its 3rd year, the Forum’s theme Fostering international linkages & investment is pointing to its role in strengthening links between Australia and Asian countries and supporting carbon market developments in the region. A number of speakers have been confirmed so now is the time to review the program and book the flights to Singapore.
The event is preceded by a pre-Forum Masterclass on Corporate transition pathways – Planning for credible climate action and Carbon market & corporate claims – Navigating risk & integrity.
Corporate Climate Masterclass series
With the first in person session in Sydney on Corporate Climate Risk Governance and Reporting to Achieve Net Zero under our belt, it is now time to look ahead for Melbourne on 11 September. The Melbourne session is focussed on ACCU Scheme Origination and Investment in the Nature Repair Market, and includes a number of speakers from the CER and ERAC.
If you haven’t registered yet, you can still do so and review the recording of the Sydney session online.
Carbon Derivatives Seminar
The Carbon Derivatives Seminar in Sydney was held on the same day as the masterclass. The seminar will be held next in Melbourne, also on the 11 September. It is the same content that was presented in Sydney, but for a Melbourne audience.
