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While not yet into the aftermath of this horrific fire season, it's clear there has already been devastating losses of life, property, environmental assets and services. Fortunately, most of the contracted carbon projects appear to have escaped without major impacts, but forests and plantations have been seriously affected.

In terms of heat trapping gases to the atmosphere, the fires have, to date, added the equivalent of a year of Australia’s emissions. These emissions are not added to our national accounts, as the assumption is carbon will be recovered through regrowth. However, if regrowth does not occur, e.g plantations are not replanted, these emissions will be included.

The restoration or repair job in the wake of the fires can't be just about carbon. CMI has been talking with governments and key stakeholders about how the expertise and skills of the carbon farming industry can assist in the economic, social and environmental repair job at hand. That expertise, which includes indigenous hazard reduction and cultural burning, needs to be better recognised and engaged in recovery processes.

We can build better resilience into our vegetation management. But we must also stop adding to climate risks by achieving net zero emissions. Australia can lead in this challenge. Last week I wrote: Seven ways that our current climate policy framework can evolve and I'll be speaking at the upcoming event: The Bushfire Catastrophe: What Now? Future Thinking. Australia's strategy can build on current Morrison Government policies and commitments, and on innovations such as Queensland’s Land Restoration Fund (LRF).

Today’s joint announcement by the Prime Minister and NSW Premier Gladys Berejiklian could be a welcome step forward. It mentions potential clean technology investments and a transition plan, but it is unclear whether it is a transition to net zero emissions. It is also unclear whether or how these investments draw on the $2bn Climate Solutions Fund (CSF) that, prior to the election, was promised to operate through the Emissions Reduction Fund. CMI participated in the Grant King Review process, which considered best use of the CSF. We indicated some flexibility for the CSF if aligned to a net zero emissions 2050 plan. We also recommended an evolution of the safeguard mechanism and continued growth for the carbon farming industry and its employment, social, indigenous and environmental co-benefits.

These matters and more will be discussed in detail at our 7th Annual Summit. Earlybird registrations close soon, so don’t delay – register now!

John Connor 
CEO
Carbon Market Institute 

P.S. We've refreshed the look of our CMI Update, please send any comments to: clare.price@carbonmarketinstitute.org

CMI's activities

Early bird registrations are now open for our 7th Australasian Emissions Reduction Summit
Secure your place today

CMI at North Australia Savanna Fire Forum 18 & 19 February, 2020

7 ways Morrison can evolve his climate policy - John Connor, CEO, CMI 

Read our key takeaways document from COP 25 Madrid
The longest COP in history, extending some 44 hours after scheduled closing

ABC's The World Today radio program: 'Spotlight has been put on Australia': CMI CEO 
ABC - 13 January, 2020  

We are recruiting! Applications close 7 Feb for our Event Coordinator position 
This part-time position will have a lead role in running CMI events, including the Summit  

CMI member news

Veolia Waste Management becomes a CMI member
Top-rated waste management for small business

REPORT: Tracking 2020 Q1 Report 
Ndevr Environmental 

Smart car technology company Connexion becomes a CMI member 
An innovator in the connected car market

CO2 Australia takes the lead on carbon neutral certification
CO2 Australia - 30 January, 2020

AGL Energy to build Queensland's biggest battery
AGL - 29 January, 2020

IATA and XCHG’s CBL Markets Announce the World’s First Airline Carbon Exchange
CBL Markets - 30 January, 2020 

Become a CMI member

Australia's climate policy

Apply for the Land Restoration Fund - applications open for 2020 Investment Round
Queensland Government

Carbon markets

REPORT: The world’s carbon markets grow 34% in value to $215 billion in 2019 
Refinitiv and reported in Carbon Pulse - 22 January, 2020

EU could use carbon border tax against Brexit Britain, warns MEP
Euractiv - 28 January, 2020

Investors and utilities are seeding carbon markets with new startups
Tech Crunch - 8 January, 2020 

Pioneering project allows smaller graziers to earn carbon credits for the first time
Beef Central - 30 January, 2020

Global airline group launch carbon exchange platform to address climate change
Reuters - 31 January, 2020 

International developments 

Microsoft will be carbon negative by 2030
Official Microsoft Blog - 16 January, 2020 

UK supermarket giant Sainsbury's commits to net zero by 2040
Sainsbury's - 28 January, 2020
 
Germany unveils long-awaited coal phaseout bill after cabinet approval
Carbon Pulse - 29 January, 2020

Will California lead the way to carbon neutrality - and beyond?
Medium

Events

The Bushfire Catastrophe: What Now? CMI CEO panellist in Session 2: Future Thinking 
Sydney Opera House - 16 February, 2020, 4pm 

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