The main points to cover off in today’s memo:
- Carbon Market Media Attention
- Board nominations open
- Consultations
- CMI event at Global Nature Repair Summit
- External event: Natural Capital and Critical Minerals
Please note the CMI events and the Australian Climate Business Survey below.
1. Carbon Market Media Attention
As many of you will be aware there has been a focus in Nine publications on Australia’s carbon market with another piece at least due tomorrow. CMI welcomes public attention to carbon markets and their evolution and recognises important issues are discussed but has been disappointed by some implications and missed opportunities.
We discussed with the lead journalist, as we have with others, the important phase shift carbon markets are making from one of offsetting neutrality to net zero alignment. This shift requires a greater attention to country and corporate decarbonisation transition plans, alongside greater scrutiny and transparency on the integrity of carbon credits.
CMI has worked hard to add both urgency and investability into that shift and to build capacity and skills to enable it. Through our pioneering Carbon Industry Code of Conduct, events, working groups and other forums we encourage contributions of federal and state government agencies, members and other stakeholders. We have sought to ensure Indigenous participation in that work and supported reforms that strengthen free, prior and informed consent requirements – reforms in part delayed by stalled legislation impacting other aspects of the ACCU reform agenda.
CMI’s independence and motivation has been questioned. I am proud to stand behind the independence and professionalism of our work. I seek to remind all that CMI is a unique member-based institute for best practice in decarbonisation and market solutions. We are not a peak group in the sense all members need to agree to all our positions. CMI activities are governed by a constitution with primary objectives of supporting the transition to net zero emissions and its current strategic plan with a mission to accelerate the use of market-based solutions and support best practice in decarbonisation to limit warming to 1.5C
CMI’s policy positions are determined by its Board, in consultation with, but independent from, its members. These policy positions represent what the Board considers to be best practice and in line with CMI’s mission and do not represent any CMI individual, member company, or industry sector.
CMI has other policies in place demonstrating and ensuring its independence, including a recent Membership Policy that will require large corporate members to have a 1.5C aligned transition plan, Competition Policy and a board policy on managing conflict of interest.
We have on our website a dynamic response to this particular series, available here and would be happy to discuss with you our positions on these issues and our independence.
2. Reminder: Board nominations open
CMI is seeking EOI (nominations) from individuals interested in standing for the CMI Board. As Directors are expected to act in an independent personal capacity, it is not required that candidates be employed by CMI member organisations. Candidates must be able to personally comply with the legal obligations as a director and must not be currently disqualified by ASIC from acting as a company director.
To be considered, your EOI must include a current CV, and a cover letter that can address:
- Eligibility as per criteria above
- Alignment with priority skills/experience areas (if any)
- Reasons/interest in joining the CMI Board.
EOIs must be sent to Election Returning Officer via email at jobs@carbonmarketinstitute.org by COB Wednesday 9 October 2024.
CMI will be holding its Annual General Meeting on the 28 November 2024, and as required by the CMI Constitution there will be three Board positions vacated and/or available for election at that time.
More information on eligibility, skills and process is available from our website.
- Consultations
Consultation: ACCU Scheme transparency changes
DCCEEW has opened consultation on draft CFI Rule changes that will enable the CER to publish additional ACCU project-level information. This is part of the Government’s work to implement 2022 ACCU Review recommendation #4 on maximising ACCU Scheme transparency. Consultation closes on Monday 7 October.
CMI will lodge a submission based on our response to DCCEEW’s ACCU Review Discussion Paper, which we consulted members on in September 2023. Interested members are encouraged to lodge their own submissions (Have Your Say here).
If you have questions or additional feedback for CMI’s consideration, please contact Gabriella Warden.
Consultation: Nature Repair Market legislative rules
DCCEEW is consulting as it drafts the legislative rules that will underpin operation of the Nature Repair Market. Consultation closes on Mon 30 September (Have Your Say here). CMI is holding an Australian Climate Policy Working Group meeting via Zoom on Tues 24 September to consult members on practical insights to support our response. CMI reminds members they are bound by the Competition and Consumer Act 2010 and CMI does not engage in nor endorse anti-competitive conduct.
Corporate members only are invited to register for the Policy Working Group meeting. If you have further questions, please contact Gabriella Warden.
- CMI event at Global Nature Repair Summit
CMI will be co-hosting a ‘Meeting Place Session’ at the Global Nature Positive Summit on Tuesday 8 October. The session is co-hosted with Peter Castellas from Climate Zeitgeist. For those attending the Summit, come along to the Presentation Platform at 1.30PM for a panel discussion on ‘Driving Nature Positive Action Through Markets & Investment’.
- Event: Natural Capital and Critical Minerals – COP Focused Investment Pathways between Australia and Brazil
The Australia Brazil Chamber of Commerce has joined with the Carbon Market Institute, the Investor Group on Climate Change and Corrs Chambers Westgarth to host two breakfast panel discussions where industry experts will discuss pathways for investment and collaboration between Australia and Brazil to support the energy transition as part of the target of reaching ‘net zero’ by 2050. I will be speaking in the Natural Capital panel. The event is on 27 September in Sydney. Registration is available here.
Please take a moment to provide your responses to the Australian Climate Business Survey. We need your voice so that the survey can continue to be a key barometer of business climate action and attitudes toward climate policy. The results of the survey have attracted significant media and decision maker interest and this year’s will again inform CMI’s policy and advocacy agenda.
Thank you for your ongoing support.
Kind regards,
John Connor, CEO
Carbon Market Institute