Australian Business Climate Survey - Carbon Market Institute

CMI’s annual business sentiment survey

The CMI Australian Business Climate Survey surveys attitudes of Australian business and industry annually to gauge views on international and domestic policy, carbon markets and pricing, and corporate climate risk, disclosure and strategy.

Now in its 11th year, the Australian Business Climate Survey provides the latest insights into Australian business leaders’ views towards Australia’s evolving climate policy, as well as shining a light on the actions of the business community in leading the transition to net zero and beyond.

The 2024 edition

The Australian Business Climate Survey 2024 highlights the evolving priorities and strategies of Australian businesses in response to domestic and global climate challenges.

Key findings show 72% prioritizing stronger legislation to scale private investment, and 69% supporting an Australian Carbon Border Adjustment Mechanism. Enhanced scrutiny of corporate sustainability has had mixed impacts, with 30% citing reduced investment due to greenwashing concerns.

Predictions for ACCU prices remain optimistic, with 65% expecting prices above $90 by 2035. Businesses also stress the importance of mandatory nature-related disclosures (74%) and greater alignment between domestic and international carbon markets (71%).

In a year shaped by global policy shifts and tools like the Safeguard Mechanism, Australian businesses are strengthening strategies to meet net-zero ambitions while identifying opportunities, such as hosting COP31, to drive stronger regional and domestic climate policies.

2024 Survey Report

Previous survey reports

The 2023 Australian Climate Policy Survey, published on 12 September 2023, reflects a pivotal year of landmark domestic climate policy reforms and global economic transitions. The survey includes adjusted questions to capture the impacts of these changes, with responses offering a broad market perspective from 301 participants—61% being senior executives, C-suite, or board members, and 14% from organisations covered by the Safeguard Mechanism.

Conducted electronically over four weeks, the survey engaged individuals across the climate policy and carbon market supply chain. Participants shared personal views rather than organisational positions, helping to inform key climate policy discussions.

2023 Survey

CMI’s 2022 Australian Climate Policy Survey reflected a transformational year in climate policy and business action domestically and globally, with several new questions been added to the Survey in 2022. These delved deeper into Australia’s climate ambition, drew out perspectives on key reforms including the Safeguard Mechanism and ACCU Review, considered the impact and opportunities associated with Article 6 of the Paris Agreement, as well as the actions of the business community in leading the transition to net zero and beyond.

Results showed strong long-term ambition from the majority of businesses, with some medium-term conservatism reflecting the shifting policy landscape.

2022 Survey

CMI’s 2021 Australian Climate Policy Survey revealed the starkest changes in data, when comparing year-on-year results, relate to future predictions of a higher 2030 carbon price, an increase in the number of companies factoring in a carbon price, and growing recognition in organisations at board and executive management levels of the material financial and strategic risks posed by climate change.

Results showed that the vast majority of business respondents support net zero emissions by 2050 and stronger 2030 targets.

With most of Australia’s key trading partners already committed to net zero, and to 2030 cuts twice to three times as deep as Australia’s, concern about carbon border tariff adjustments was growing.

2021 Survey