In this Memo:
1. COP29
2. CMI Votes – AGM & Proxy reminder
3. Carbon Industry Code of Conduct updates
4. Climate Active Future Direction
5. Carbon Leakage Review
6. ACCU Method movements
7. Trusted Climate and Nature Data Plan
8. Submissions & Summit
1. COP29
Carbon markets will help countries implement their climate plans faster and cheaper, driving down emissions. We are a long way from halving emissions this decade, but wins on carbon markets here at COP29 will help us get back in that race.
UNFCCC Executive Secretary Simon Stiell
First some good news, COP29 is off to a good start in Baku (Azerbaijan) with an announcement on agreement on the standards for Article 6.4 and a dynamic mechanism to update them. This is a critical first win in the Article 6 negotiations, which is welcomed news and aligns with CMI’s COP29 Priorities document. CMI is represented by Janet Hallows, Director of Climate Programs & Nature-based Solutions, and Kurt Winter, Director of Corporate Transition who will be following the negotiations. There are a number of events scheduled outlined on our COP29 Hub, which we will update as news happens. There will be a dedicated session as part of the Masterclass providing information and analysis after COP concludes.
2. CMI Votes: AGM and Board elections
On 6 November members were sent the notice and explanatory statement for CMI’s AGM on 28 November. In person attendance is at Gilbert + Tobin Level 35, Tower 2 Barangaroo Ave, Sydney or via Zoom. Proceedings start at 4PM AEDT. Quorum is important so please register here (for both in person or zoom) or send proxy form to CMI’s internal Returning Officer, Director of Integrity and Compliance at Samuel.dawes@carbonmarketinstitute.org
The AGM will be followed by CMI Associate Member the Australian Financial Management Association’s networking event launching their template ACCU Market Documentation.
At the AGM, as well as considering FY24 financial statements and CMI activities, three Board positions will be vacated with 15 candidates standing for (re)election. It’s great once again to see such interest in heightened participation in CMI and its work. There is also a vote for constitutional amendments to implement the Member and Sponsorship Policy and other updates.
Please make sure you attend or send your proxy. Proxies need to be registered two days ahead of the AGM, so don’t miss that deadline!
3. Australian Carbon Industry Code of Conduct Updates
We have published the 2024 Annual Report of the Australian Carbon Industry Code of Conduct closely followed by the independent review report and CMI’s response. The annual report shows that – despite an increase in complaints – compliance remains high. This leads me to draw two conclusions: The code is increasingly seen as relevant to stakeholders while signatories are working to uphold its provisions. The report highlights engagement priorities in FY25 with signatories, Government, First Nation peoples, Demand side participants as well further work on complaints process.
The second independent review comes at a critical junction for the code as it gathers strengths and momentum. Thanks to all who participated in the review. The implementation of the recommendations is well underway with alignment to international standards, further and structural independence, extension of the reach and other improvements reflected in a next edition.
4. Climate Active future direction
Following our concerns about the future of the Climate Active program, CMI has engaged in discussions with Minister Bowen, responsible Assistant Minister Josh Wilson and his office, DCCEEW to follow up on the future direction of Climate Active. The Government is yet to make a decision and CMI will update members as soon as further information is available. As a reminder, CMI’s December 2023 submission on recommendations for the future of the Climate Active program will provide further context.
5. Policy Working Group on Carbon Leakage Review consultation
On Wednesday 27 November (3-5pm AEDT) CMI is convening its Policy Working Group via Zoom to provide general policy updates and gather member feedback to inform our response to DCCEEW’s second Carbon Leakage Review consultation paper. Corporate CMI members are invited to register to attend the meeting here.
6. Method Movements: Carbon Project Development Working Group
The Minister’s announcement of new ACCU method priorities and recommitment on existing priorities at the Summit were most welcome. CMI is pushing for accelerated timelines for integrity and investment. We’ve highlighted the urgency of a refreshed Environment Plantations method and have deepened work on IFLM (see our IFLM Hub). We’ve been tracking progress on Savanna and Methane/Landfill Gas. We’ll hold a Carbon Project Development Working Group in early December to update members on existing and new method priorities – stay tuned.
7. Trusted Climate and Nature Data Plan
CMI has joined sustainability and technology industry leaders and collaborators in an Alliance coordinated by IoT Alliance Australia (IoTAA) calling on Australia’s federal, state and territory governments to coordinate support and funding for an industry-led Trusted Climate and Nature Data Plan that will uplift Australia’s data capabilities to support investment confidence in the net zero and nature positive transformation. Other signatories include the Ai Group (Australian Industry Group), Climateworks Centre and the Tech Council of Australia. To read the full communique, access this link.
8. Submissions and Summit
The team have been very busy and not just with the Summit. We’ve recently lodged submissions on the proposed ACCU Scheme Transparency Changes and the government’s ongoing work to set up the Nature Repair Market (responding to consultation on the Nature Repair Market Rules, and on the Biodiversity Assessment Instrument and first method). We are now finalising submissions on the CER’s new Unit and Certificate Registry and proposed Carbon Exchange, and DCCEEW’s second Carbon Leakage Review consultation paper. For information on any of these please contact gabriella.warden@carbonmarketinstitute.org
Thank you again for all who participated in the 11th Australasian Emission Reduction Summit, particularly our sponsors including Diamond Sponsors ANZ and CORE Markets. And a huge thank you to the team for another massive event with 700 in person and 200 online. We are welcoming feedback on this Summit here.
Kind regards,
John Connor, CEO
Carbon Market Institute
