COP29 EOIs due Friday + Upcoming Working Group Dates

Dear CMI Member,

In this Memo:

  1. CMI Votes – AGM & Proxy reminder
  2. Carbon Leakage Review
  3. ACCU Method movements
  4. IPCOS repurposed

1. CMI Votes: AGM and Board elections – proxy reminder

A reminder that the CMI AGM will be held on 28 November 2024. This includes important votes as detailed below.

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. Sam can re-send the AGM Notice and Explanatory Statement as well as the proxy form if requested.

Each full corporate member has a single vote, so large companies with more than one individual listed as a member will need to coordinate their vote for each of the resolutions. If you are using the proxy form, it needs to be send to the Returning Officer by 4PM AEDT, 26 November 2024. Sending it to the proxy holder or board director candidate will not be sufficient. Proxies needs to be lodged with CMI otherwise they will be void.

The AGM will be followed by CMI Associate Member the Australian Financial Management Association’s networking event launching their template ACCU Market Documentation, which has been developed to govern spots, forwards, and options over Australian Carbon Credit Units. In collaboration with AFMA, G+T is hosting a panel discussion that aims to provide valuable insights into the new suite of documents and the current carbon market landscape. Please register here.

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.

2. REMINDER: 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.

3. Method Movements: Carbon Project Development Working Group

Yesterday CMI welcomed the making of the updated Environment Plantations method. We are scheduling a Carbon Project Development Working Group in early December to update members on existing and new method priorities.

4. IPCOS Repurposed

In announcing a new $125 million fund for renewable energy in the Pacific the Australian Government repurposed funding dedicated by the previous Government to the Indo Pacific Carbon Offsetting Scheme (IPCOS). This is a potential missed opportunity just as Fiji, PNG and others are doubling down on potential carbon market engagement and carbon markets have been one of the brighter spots of progress at COP29.

Tonight our time in Baku the Fiji Carbon Market Strategy Roadmap is being publicly launched with the Fiji Deputy PM Biman Prasad and the Australian Climate Ambassador Kristin Tilley.

CMI assisted the Fiji Government in developing this, with funds not under IPCOS but under a DFAT international engagement grant.

The media release highlights that IPCOS bilateral arrangements (with Fiji and PNG) are to be honoured so we hope there can be support for work to continue, to build capacity, institutional frameworks and pilot projects in Fiji, PNG and elsewhere in the Pacific. This is important so those countries can navigate potential risks and access the climate, social and local environmental benefits from emerging carbon markets. CMI members have extensive experience and investment potential to help deliver those benefits.

Kind regards,

John Connor, CEO

Carbon Market Institute