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Net Zero - Finance - Value Transfer - Australia

Council of Financial Regulators Climate Change Activity Stocktake Paper 2023

Smart Cities Council Australia New Zealand

October 12th updates - The regulatory landscape for sustainability reporting has evolved quickly in recent weeks, with the introduction of IFRS S1 and S2, updates to ESRS, and endorsements from IOSCO. In the United States, the SEC is expected to release their official guidance in the coming weeks – with big implications for both public and private companies. Get up to speed on the latest updates and get prepared for what’s to come with the experts in ESG and sustainability for real estate, equipment, and IT assets.

Taxonomy Project Governance

The Australian Council of Financial Regulators’ Climate Working Group (CWG) will oversee the development phase of the taxonomy project, as part of its role supporting the development and implementation of the Government’s Sustainable Finance Strategy. Click the picture below to be directed to the Australian Sustainable Finance Institute.

The Minister for Climate Change and Energy Chris Bowen said in August that six industry decarbonisation plans would be produced alongside a carbon leakage policy review, which would consider the feasibility of a carbon border adjustment mechanism, among other options.

The six sectors that the CCA has been asked to consider are:

  • Electricity and energy

  • Transport

  • Industry and waste

  • Agriculture and land

  • Resources

  • Built environment

The CCA said it “welcomes the opportunity to consult widely and provide advice to government on decarbonisation pathway”.

“Through examining each sector’s opportunities to achieve emissions reductions and barriers that might stand in the way, the sectoral pathways review will outline how Australia could achieve net zero by 2050, and how far sectors could go by 2035,” the CCA said in a statement.

The review outlining the sector pathways to net zero would be delivered to government by 1 August 2024, ahead of its advice on Australia’s 2035 emissions reduction targets which is due on 1 October 2024.

The government has also established a Net Zero Economy Agency within the Department of Prime Minister and Cabinet ahead of a legislated Net Zero Authority being established.

The CCA work gets underway as Mr Bowen released the Department of Climate Change, Energy, Environment, and Water’s estimate that replacing coal-fired power stations with small modular nuclear reactors would cost $387 billion.

In a report by the International Energy Agency, around 50 per cent of cumulative emissions reductions to 2050 will be met by electrification, carbon capture, utilisation and storage, hydrogen, and sustainable bioenergy.

Wellbeing Assessment Framework

As a starting point, the Authority has built upon the OECD Framework for Measuring Wellbeing and Progress to assess the impacts from climate policy, the net zero transition and the physical impacts of climate change on wellbeing (OECD, 2023).

I mapped the treasury and wellness ecosystem in the digital transformation blog here

Net Zero Australia - Mobilisation launch event - modelled from the Princeton University America

Have decided to establish a dedicated forum on Clean Energy Industrial Transformation to set the core objectives of this Compact. Through this mechanism, the relevant departments and agencies from both countries intend to coordinate the implementation of our respective clean energy supply chain strategies and develop a new action plan by the end of 2023.

This work also intends to build on the efforts that will be carried out through a new, ministerial-level Dialogue between the Australian Minister for Climate Change and Energy and the U.S. Secretary of Energy in support of the Compact, Australia-U.S. Net Zero Technology Acceleration Partnership, U.S.-Australia Energy Security Dialogue, and other existing bilateral avenues of engagement.

Underscoring the central role of critical minerals to the clean energy transformation, Australia and the United States are also establishing the ministerial-level Australia-United States Taskforce on Critical Minerals (the Taskforce), to be led by principals from the U.S. National Security Council and Australia’s Department of Industry, Science and Resources, with engagement from key stakeholders across industry and relevant government agencies.

Other Ecosystems that link to net zero


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