The Carbon Market Institute (CMI) has today welcomed the Labor Government’s move to formally submit its revised 2030 emissions reduction target to 43%, signalling an important step forward in guiding greater investment in domestic climate action, while also improving Australia’s climate credibility on the world stage.
“Today’s commitment is a really important first step in sign-posting a new era for investment in climate action for Australia and will be largely welcomed ahead of next year’s UNFCCC global stocktake on collective effort to achieve the Paris Agreement’s goals,” said John Connor, CMI CEO.
While we urge governments and industry to invest in ‘meeting and beating’ this 2030 target, this commitment sets a strong foundation as we look to accelerate ambition this decade, and soon turn our attention to setting an even stronger 2035 target by 2025.”
“In the interim, we must also be building independent, investment grade, institutions and policies that can enable stronger voluntary as well as compliance efforts from business, all governments and the community,” he said.
In its recently released “priorities for climate action and carbon markets”, CMI outlined the foundations required to drive structural and lasting change to Australia’s climate policy beyond this term of government.
CMI’s five priorities include:
- Invigorating global and regional effort on climate action and carbon markets;
- Strengthening the Safeguard Mechanism and other policies to ensure multi-sectoral decarbonisation;
- Enhancing integrity, transparency and independent institutions;
- Building trust and participation in land-based climate and biodiversity solutions;
- Revitalising whole of government and Commonwealth/state relations.
CMI will host Climate & Energy Minister Chris Bowen at its inaugural Symposium event on July 1, marking the tenth anniversary of national carbon markets in Australia when the Carbon Pricing Mechanism began operation. The event will bring together key industry stakeholders, academics, government officials and policy experts to reflect on the lessons of the last decade and our challenge in this critical decade for the transition to net-zero emissions.
For more information, visit our Symposium event page.
About the Carbon Market Institute
The Carbon Market Institute is the independent industry association and centre of excellence for business leading the transition to net zero emissions. Its over 130 members include primary producers, carbon project developers, Indigenous corporations, legal, technology and advisory services, insurers, banks, investors, corporate entities and emission intensive industries developing decarbonisation and offset strategies.
For further information, contact Thomas Hann on 0408 880 536 or thomas.hann@carbonmarketinstitute.org
