Media Release
CMI is excited to announce a new role as the in-country partner for IETA’s Markets for Natural Climate Solutions Initiative, establishing a taskforce to lead Australian private-sector engagement with global nature-based carbon markets.
Launched at COP25 in Madrid, the IETA Markets for Natural Climate Solutions Initiative aims to maximise business investment in natural climate solutions, to ensure it plays the fullest role possible in delivering the goals of the Paris Agreement.
The Carbon Market Institute (CMI) is pleased to announce its role as an in-country partner of the Markets for Natural Climate Solutions Initiative, and has presented an options paper for discussion and engagement with a range of Australian Government stakeholders throughout 2021.
CMI is also announcing the establishment a private sector taskforce in early 2021 to facilitate interactions between business and government, and on connecting Australia’s globally-recognised carbon farming industry with international markets as they evolve under Article 6 of the Paris Agreement.
The Taskforce will comprise the Initiative’s Australian members, including CMI members BHP, BP, Shell and Woodside, and engage with other relevant market participants on globally linked NBS market development and investment – a move seen as critical for the scaling up of the Australian industry as guided by CMI’s Australian Carbon Farming Industry Roadmap.
Many businesses are showing increasing interest in NCS as an important tool to help deliver emissions reductions. Australian, and global businesses with operations in Australia, are looking to identify options to invest in NCS at scale as they seek to raise their climate ambition and increasingly adopt net zero targets.
Australia’s deep capability in the development and operation of natural climate solutions at scale makes it an important market for the testing and development of sophisticated finance and investment structures, technology, and expansion of critical institutional frameworks that can connect with developing markets across the Asia Pacific region, and globally.
As global pressure grows for Australia to identify a long-term climate strategy and target, the opportunity exists for government to harness private sector knowledge, expertise and investment to build a competitive advantage in scalable ‘climate repair’ solutions and develop a world-class export carbon market. To receive updates on the activities of this Initiative and the Taskforce, register your interest via email to brad.kerin@carbonmarketinstitute.org.
The Carbon Market Institute is the independent industry association for business leading the transition to net-zero emissions. CMI has more than 90 corporate members.
