Carbon Market Report
JOHN CONNOR
(CARBON MARKET INSTITUTE)
After a turbulent few years, we are entering a critical stage in the challenge of achieving net zero emissions by 2050. This is a goal that still has bipartisan support in Australia, as well as in other countries. It is also backed by key agencies like the International Monetary Fund, which recognise that the economic costs of inaction vastly outweigh the required investment.
Countries also recognise the net zero challenge is a historic economic opportunity and are competing for advantage with policy packages like the US Inflation Reduction Act and EU Green Deal. With all countries sharing new 2035 national climate targets next year, a recent survey conducted for the Carbon Market Institute (CMI) showed 59% of Australians agreed it is important that all parties share strong 2035 targets and plans before the next election. Just 17% disagreed.
There is also a broad consensus that businesses have a crucial contribution to make. 77% of Australians expect businesses to take responsibility for all their emissions now or become carbon negative. Many businesses have committed to the net zero challenge and to supporting the Paris Agreement. This comes as pressure intensifies from investors and regulators to change investment strategies and to avoid greenwashing in speaking to that action.
