Late last week, the federal government’s annual climate statement to Parliament based on the Climate Change Authority’s progress report provided first indications that emissions from industrial facilities covered by Australia’s Safeguard Mechanism are coming down. Data provided preliminary insights into how large emitters have responded to the Safeguard reforms and/or other pressures, as well as into the emissions reductions that these businesses are expected to deliver. A fuller dataset will be released early next year enabling further review of actual drivers.
This is a welcome review of policy progress and potential as we head into next year’s federal election. As seen in our recently updated policy positions, CMI will continue to advocate for the broadening and deepening of Australia’s climate policy suite, including the expansion of the Safeguard Mechanism. And we’ll push for implementation of ACCU Scheme method development and integrity reforms that have slipped albeit with some welcome recent momentum.
AGM and Board election
Just before the Climate Statement on Thursday, CMI held its 12th AGM, formally considering its FY24 Directors Report, voting on Director positions and passing constitutional amendments to implement our new Member and Sponsorship Policy. The latter is important to the credibility of CMI’s voice in pushing for carbon markets as integral to sustainable and investable climate solutions. Through 2025 we’ll be working with members and the community on the shape of appropriate decarbonisation plans and integrity in carbon crediting.
Board Directors Skye Glenday and Raphael Wood were re-elected, with Alexander Lewis joining the Board. The Board has farewelled Anna Hancock, who decided not to stand for re-election. CMI Chair Dr Kerry Schott thanked Anna and also Pip Best as well as other continuing directors and the CMI team for contributions in 2024.
At the AGM I highlighted other activities this year, including but not limited to:
- Member engagement – direct consultations, workshop or working groups (expanded in 2024 with investor, legal and rejuvenated international), taskforces, events, updates
- Integrity – Carbon Industry Code of Conduct review, ACCU Review reforms, emerging Nature Repair Market as well as net zero sector and other submissions, participation in international and national corporate claims, standards and disclosure development processes
- CMI Research –inaugural CMI-Westpac Carbon Markets and Australia’s Net Zero Challenge Report, Business Climate Policy Survey, Polling, Carbon Farming Scorecard, example carbon farming contract clauses, factsheets and International Updates
- Education – media, events, working groups, corporate masterclasses on behalf of CER, banking and 101 online courses, Fiji Carbon Market Strategy Roadmap development, Vietnamese courses with Curtin University
- Advocacy – Priority campaigns:
- Broaden and deepen climate policy including Safeguard Mechanism supporting a stronger NDC of more than 70% reductions by 2035
- Strengthen investor and community confidence in carbon crediting
I also noted that CMI not only supported the Voice referendum but has worked hard to support “right way” dialogue through event and education initiatives, After extensive consultation, we have developed an Indigenous Inclusion and Engagement Strategy shortly available on the web.
Finally, we also launched the annual Australian Business Climate Survey report, now in its tenth year. It is a timely barometer of business attitudes to, and expectations of, climate policy, investment, ACCU prices, credit integrity and more!
COP29 reflections
COP29 was held in the shadow of the election of President Trump and, while imperfect, was productive. CMI was active assisting member delegates and sharing insights in Australian, ASEAN and Pacific panels.
COP29 established what might be best described as foundational goals for decarbonisation and resilience investments in developing nations. More successfully, after almost 10 years of negotiations, it agreed mechanisms for international cooperation through country-to-country carbon credit trading, new UN backed international carbon market and non-market initiatives. Other key issues, including implementation of COP28’s Global Stocktake were deferred till next year.
Our COP29-Hub provides more details and there’ll be a comprehensive COP29 debrief on 5 December (Sydney or online). Please register here.
2025 Event Dates
We are finalising our event schedule for 2025 and will confirm ASAP but pencil in these dates and timelines:
- 6-8 May 2025 – Carbon Farming Industry Forum, Lennox Head NSW. Site visits scheduled for 6 May, with conference scheduled for 7-8 May
- Mid-August – AER Summit, Melbourne
- Mid-October – Carbon Market & Investor Forum, Singapore
Thanks and best wishes
This will be the last CMI Update for 2024. We will resume this newsletter in February 2025. Please note that the CMI office will be closed from 23 December 2024 to reopen on 6 January 2025.
But for now, let me finish by wishing you all the best for the Christmas holiday season, and I hope you will get some rest and relaxation to start refreshed into a pivotal 2025.
