COP29 EOIs due Friday + Upcoming Working Group Dates

Dear CMI Member,

In this Memo:

  1. Impact 2024
  2. Election Priorities
  3. EOI: Carbon & Nature Research
  4. EOI: CMI Education Strategy Focus Group
  5. 2025 Membership Prospectus
  6. International Update
  7. Indigenous Strategy
  8. ACCU Method Matters
  9. NEM Review
  10. Free Access to AFMA OTC Guide
  11. 2025 Event Dates

A bumper edition as we enter the holiday season. On behalf of the CMI Board and team I wanted to thank you for your interest and participation in 2024. Your support for sponsorship and events enables CMI to have a significantly lower membership fee structure than comparable organisations.

1. Impact 2024

It has been a year of frustrations, challenges and achievements. In a year focused on, at times sluggish, implementation CMI had over 600 unique member engagements including working group and taskforce meetings to assist key submissions to national and international processes. We are finalising our 2024 Impact report but key achievements include:

  1. In 2017 CMI was among the first to propose reforming the Safeguard Mechanism to set decarbonisation investment guidelines. The Climate Change Authority recently reported preliminary data that it is helping drive emission reductions from covered facilities.
  2. To streamline ACCU project implementation, CMI launched its example contract clauses and assisted the Australia Property Institute in developing guidelines for carbon farming project valuation.
  3. CMI is acting on the 2nd Independent Review of the Carbon Industry Code of Conduct. The latest annual report of the Code highlights expanding utilisation of the Code by signatories and stakeholders at a time of focus on integrity and forthcoming discussions of accreditation of carbon service providers.
  4. ACCU method momentum has mostly picked up with the making of the renewed Environment Plantations Method and announcement of new method priorities. CMI and members are working to accelerate progress on existing IFLM, Landfill and Savanna methods and I have been participating in the recently established ERAC Integrity Committee Stakeholders Roundtable.
  5. As noted in the latest International Update below, progress on carbon markets was among the few highlights of COP29 at which the Fiji Government launched its Carbon Market Strategy Roadmap which CMI supported. CMI has been tracking and supporting the growth of compliance markets across Asia in education programs and events like the 2nd Singapore Investor Forum.

2. Election Priorities

CMI has set out its election policy priorities which we have been using to engage with the major parties and cross bench independents. It centres around five key asks:

  1. Lodge a 2035 Nationally Determined Contribution (NDC) to reduce Australia’s emissions by more than 70 percent based on 2005 levels, with corresponding targets for adaptation, by February 2025.
  2. Broaden and deepen Australia’s climate policy suite across the economy, including the Safeguard Mechanism, to support the high-ambition 2035 NDC, informed by a national carbon market strategy.
  3. Strengthen investment and community confidence in Australia’s carbon crediting framework to accelerate scaled climate solutions through appropriate reform, governance and resourcing.
  4. Guide alignment in Australia’s interconnected Net Zero and Nature Positive goals
  5. Articulate a strategy for the integration of carbon markets and international cooperation in Australia’s diplomatic, trade and foreign aid agenda.

CMI’s full suite of CMI policy positions available here.

3. Register interest for Carbon & Nature Research EOI

CMI is inviting registrations of interest for a research project to develop new modelling and/or analysis.  CMI, with support from Telstra, is seeking a partner to co-develop scenarios and regional employment and investment opportunities of a well aligned carbon and nature positive industry.

This will help inform the 3rd upgrade of the Carbon Farming Industry Roadmap which will explore nature positive industry alignments to 2035 and 2050. Ideally, outcomes of the analysis will be presented at this year’s Carbon Farming Industry Forum 6-8 May 2025.

The research partner must have suitable qualifications, experience and capacity to deliver the research, at reasonable cost. Value add options also encouraged! CMI members will be prioritised.

The deliverables and key milestones for this research project will be shared in mid- January. Please register your interest with janet.hallows@carbonmarketinstitute.org

4. EOI: CMI Education Strategy Focus Group

CMI is exploring how to improve our education offerings and are seeking members to join a focus group to help us better understand education needs within our community of practice. Two sessions will be conducted via Zoom:

  • Tuesday, 14 January (3:00–3:45 PM)
  • Tuesday, 21 January (9:00–9:45 AM)

If you’re interested in sharing your insights, please send your expression of interest to CMI’s Membership Engagement and Outreach Manager, jen.feinstein@carbonmarketinstitute.org, by COB Tuesday 7 January. Include the session which best suits your schedule in your EOI.

5. 2025 Membership Prospectus

The 2025 membership prospectus has been finalised and will be available from the website by tomorrow. It includes updated membership benefits like a re-launched Carbon Conversation podcast series to share member experience and insights. Despite a year of significantly higher cost increases we have limited membership increase to 3%. 2025 will be significant as we implement the Member and Sponsorship Policy but also prepare our new three-year plan for 2025 – 28.

6. International Update

Our latest International Update was released yesterday. It includes updates and commentary following the COP29 meeting in Baku (Azerbaijan) as well as a global climate policy and carbon price update.

If you would like to refer back to our activities at COP29, we have linked the recordings of the events to the COP29 webpage, and also have updated Article 6 factsheets available on the webpage by the end of the week.

7. Indigenous Inclusion and Engagement Strategy

CMI supports and respects the internationally proclaimed human rights of First Nations. We all have a responsibility to contribute to national reconciliation and advocate for and uphold the rights and interests of Indigenous peoples as Traditional Owners and custodians of the land. CMI is in a unique and influential position to leverage its strong relations with its diverse membership base and networks to further drive Indigenous recognition and reconciliation. We have now released our Indigenous Inclusion and Engagement Strategy that will further guide us in our interactions with indigenous peoples.

8. ACCU Method Matters

Yesterday CER announced that ERAC has suspend the processing of applications for project declarations under the beef cattle herd management method 2015 until the method expires on 30 September 2025. If you have any feedback on this decision or any of the other methods under development or review, please contact janet.hallows@carbonmarketinstitute.org

9. NEM Review

In November, the Australian Government announced a review of the National Electricity Market (NEM) wholesale market settings by an Independent expert panel supported by DCCEEW. Early feedback is invited by 14 February. Among other things, this review will consider how NEM market settings facilitate emissions reduction and the interaction between market frameworks in providing investment signals. CMI will convene its Australian Climate Policy Working Group in the new year to consult with members.

10. Free access to AFMA OTC Guide

AFMA has released three template contracts ACCU Master Agreement, ACCU Spot Contract and ACCU Forward Contract and is offering free access to these to CMI members. The Guide to Australian OTC Transactions provides a standardised approach to the legal documentation necessary for participants transacting in Australian over-the-counter markets.

The template contracts are now available on AFMA’s Guide to Australian OTC Transactions. To access the guide members will have to email the OTC Guide mailbox otcguide@afma.com.au to set up logins.

11. 2025 Event Dates

Please mark your diaries for major events scheduled in 2025:

  • 6-8 May 2025 – Carbon Farming Industry Forum, Lennox Head NSW. Site visits scheduled for 6 May, with conference scheduled for 7-8 May
  • 13-14 August 2025 – Australasian Emissions Reduction Summit, Melbourne
  • 15-16 October 2025 – Carbon Market & Investor Forum, Singapore

We have started the program development process and will make more information available in the new year. We have released the sponsorship prospectus for the Carbon Farming Industry Forum. Please contact Claire.reid@carbonmarketinstitute.org.au to discuss this opportunity, and any other for upcoming events.

Thanks and best wishes

This will be the last Member Memo for 2024. We will resume this newsletter in February 2025. Please note that the CMI office will be closed from 23 December 2024 to reopen on 6 January 2025.

Wishing you all the best for the Christmas holiday season, and I hope you will get some rest and relaxation to start refreshed into a pivotal 2025.

Kind regards,

John Connor, CEO

Carbon Market Institute