There is surging Australian corporate interest and activity in climate action and one way this is reflected is the Carbon Market Institute’s membership growing 36% this financial year.
The CMI signed on Coles as its 100th member this month, following the retailer’s announcement of its Together to Zero ambition to deliver net zero greenhouse gas emissions by 2050; for the entire Coles Group to be powered by 100% renewable electricity by the end of FY25; and to reduce combined Scope 1 and 2 greenhouse gas emissions by more than 75 per cent by the end of FY30 (from a FY20 baseline).
Other recent CMI sign-ups include NAB, HSBC, futures exchange FEX Global, regenerative farming business Macdoch Ag Group, CO2CRC and petroleum company Ampol.
CEO of the CMI John Connor says the surge in membership, across the carbon market value chain, is further evidence that this year is lining up to be a crucial one for emissions reduction policies, with Biden’s international summit, COP 26 and other global pressures from the investor community and civil society looming large.
“Australian companies are now looking for economic opportunities in the transition to net-zero emissions and there is growing demand for more sophisticated carbon market services. FEX Global, having recently launched, is looking to offer exchange traded futures contracts for low carbon energy and environmental products”.
He notes that increased investor and shareholder pressure on companies to demonstrate how they are mitigating climate risk is also playing a part.
Coles Group’s Chief Sustainability, Property and Export Officer, Thinus Keeve, said the company was proud to be the 100th corporate member of the Carbon Market Institute (CMI). “CMI provides a great platform to collaborate and share knowledge, something we have highlighted as a key pillar of our recently released sustainability strategy. Together to Zero acknowledges our commitment to work together with all stakeholders towards net zero greenhouse gas emissions and CMI provides an opportunity to do that,” he said.
Brian Price, Executive Chairman, FEX Global says “We see opportunities in Australia’s future carbon market, with Australia well positioned to become an Asian energy and environmental finance hub.”
Les Hosking, Group Executive, Market Infrastructure FEX Global (and incidentally CMI’s first Chair) says “I am proud and delighted to be able to return to CMI as a member and to be involved and contribute to the next phase of formation of ‘carbon markets’.”
Macdoch Ag Group, through its Wilmot Cattle Co, recently achieved a ground-breaking sale of private market carbon credits in the US. Macdoch Director, Eric Lawrence said “We see an opportunity to achieve outcomes like this for a growing number of Australian farmers through the technological and practical support of farming practice change and the development of Australia’s carbon markets. We welcome CMI as a focal point and a channel for advocacy in realising this potential.”
“As a leader in carbon capture utilisation and storage (CCUS) research, CO2CRC joined CMI as its network of members comprises a wide range of organisations pursuing a similar goal to CO2CRC,” said David Byers, Chief Executive, CO2CRC. “Being a CMI member offers CO2CRC insights into national and global developments in carbon markets and policies, which stimulate the wider industry application of low emissions technologies like CCUS.”
“The greatest value in being a CMI member comes from the collaboration, knowledge-sharing and commercial opportunities that come from participating in its working groups, forums and its annual Australasian Emission Reduction Summit,” said Mr Connor.
“CMI also works robustly but constructively with governments to build current carbon markets and carbon pricing schemes, it recently released its Advocacy Positions which it will update each year.”The Carbon Market Institute is the independent industry association for business leading the transition to net zero emissions. Its members include primary producers, carbon project developers, Indigenous corporations, legal and advisory services, insurers, banks and emission intensive industries developing decarbonisation and offset strategies. To interview CEO John Connor please contact Clare Price 0490 252 743 firstname.lastname@example.org.