Thread by @TennantReed

Watching #cop26 event “Australian Leadership on Climate” with @ukinaustralia @The_AiGroup and a star studded panel from @BCAcomau @IGCC_Update @NationalFarmers @unionsaustralia @ACOSS @cleannrgcouncil @AusConservation @WWF_Australia @CarbonMarketIns

Innes Willox Ai Group boss welcomes. Collaborative effort between Australian diverse peak bodies and others with the UK High Commission during a critical global event, COP26, to push forward the effort on climate. We’ve seen a lot of reporting and there is more to come.

Innes: net zero is now a key concern for many groups. Thats where we need to get to; the associated questions are “where are we now” and “how do we get there”?
Acknowledges traditional owners and is coming from Wurundjeri lands

Innes: structure is first an international update from UK High Commissioner
Then Australian reactions to the key questions.
All sides of politics now support Net Zero by 2050. How do we get there?
Throws to Vicki Treadell, UKHC

Vicki: thanks to all
Acks Ngunnawul people
Acks that Indigenous voice important part of Glasgow discussions, esp as we look to nature based solutions and understanding of the land, sea, rivers

VT: huge commitments made in Glasgow so far.
When UK took on COP Presidency, 30% of emissions covered by net zero. Now 90% is. Work that flows from these events will be to get last 10% on board in coming year.

VT: thousands of delegates continue to negotiate in this second week. Tough work. Pledges easy, real outcomes are hard.
Significant movement; today will address adaptation, gender and science issues. But last week major announcement won other topics

VT: finance involved large commitments from government for adaptation, and private finance committing $130t towards net zero.
$8.5b committed to just transition, including South Africa’s coal exit.
Need to ensure the finance alliance does deliver on finance pledges.

VT: other milestone - end of coal in sight. Key presidency aim is coal to clean. 190 partners agreed to phase out coal power and need support for new plants. 22 countries committed for first time to this statement; 28 new members of Powering Past Coal Alliance (165 total)

VT: all public finance of new unabated coal power is effectively over. Some nations also committed further to end all fossil finance

VT: nature and sustainable land use: over 100 countries signed up to end deforestation (90% of rainforest nations). Easy to commit, but need work on monitoring, policing and reforesting lost forest. Announcements made to this end. 45 govts announced action & investment, $4.5b

VT: 28 countries working on forest & development & trade initiative.
As UKHC to Malaysia I saw prime rainforest cleared for palm oil; once forests and diversity gone, bringing it back is a hoo al challenge.

VT: voice of youth vital given they will inherit the results of this work. Youth day saw calls to action from many YOUNGO leaders. Global Youth Position Statement presented. Saw activism on the streets of Glasgow and around world.

VT: inclusivity was crucial; teething problems of civil society access under COVID conditions needed to be fixed and we hope this week will be smoother

VT: this week is the culmination of the negotiations. And more announcements. Lots of ground to cover.
Today: Adaptation Day. 95 countries have been covered by adaptation plans, protecting 2.5b people.
New members of Adaptstion Fund are joining. $hundreds of millions new funding

VT: UK working with all multilateral agencies and more pledges to come.
Breakthrough agenda to deliver change this vital decade.
Where will we be in 2030? Will we have the infrastructure and elements in place?
This is why the emphasis on interim targets. Will we be on track?

VT: there has been good news. IEA says if all pledges met, we are on 1.8C trajectory. That is more than our 1.5C goal. All the pledges we are yet to see will be needed to keep 1.5C alive.
China and Russia have not been repped at Leader level in Glasgow

VT: need to work with China to further strengthen commitment.
India’s 2070 net zero is warmly welcomed and we must lean in to help them realize this if not bring it forward too.

VT: global methane pledge is significant, 30% cut by 2030 from signatories. Want to add more nations to cohort.
On forest, 12 pledgers will provide $12b for ending deforestation and supporting development.

VT: development banks need to offer adaptation and mitigation support and support access to climate finance.
Voice of Pacific raises access to finance and reduction in bureaucracy around it.

VT: plans critical to put substance on delivery and accountability. Australia needs to be at the forefront. Climate doesn’t recognize borders. Collective endeavor, global responsibility.
Action not something to fear; have the public discourse as describe the future.

VT: how do we move while industries and sectors? How do we educate for the new economy and new opportunity’s?
Glasgow negotiators will tie down detail by end of week, adding to all the announcements. Look forward to that and work with partners public and private to deliver.

VT: real work begins next week to deliver the impact we all seek.

Innes: point about pledges not yet being enough for 1.5C is sobering and shows more will be needed.
Introduces panels and speakers.
First up, on where Australia is at- Kane Thornton @kanethornton of @cleannrgcouncil

KT: Australia is the lucky country - best combo of wind, solar, water anywhere. Allows us to get going on transition. Doubled RE supply in 5 years, from 15% power to 30% today. Large and small scale wave.
Today is a milestone. 3m homes with rooftop solar. Took 10 yrs for first m

KT: heading for a third of households, leading world.
Large scale: $20b investment across country. Has changed regional communities - go to Balkan, Ararat and see critical mass of activity and jobs. 30k jobs created across country. Helped drive down power prefixes and emissions

KT: energy is the one sector that gives us hope for future. Can electrify other sectors - transition and electrify transport, drive down costs and emissions.
Energy storage is final price of jigsaw puzzle for truly renewable energy system.

KT: storage has moved quickly. Big batteries are proven and understood, costs cling down, investors putting money in. 6p00MW and $400m committed projects in last 6 months.

KT: much of this driven by State Govt policy and business. Need strong clear bankable policy, coordinated across Cth and States. Legislated targets that give certainty.
Modern grid built to facilitate distributed resources and sophisticated solutions.

KT: need to create high quality jobs and bring all Australians along.
Benefits are huge. Opportunity in front of us to electrify, and become export superpower. No longer a sci-fi concept: we can join the dots on solutions and set ourselves up for decades to come

Next @ErwinJackson1 of @IGCC_Update :
Hoping we’re coming to end of climate wars. Where we are today: major parties committed to net zero and talking about opportunities. Going in right direction.
Investors looking for long term returns to beneficiarie to retire with dignity.

EJ: climate has become central to long term investment. Not a binary decision; if we don’t act on climate there will be harm to other parts of the economy. 4C world is bad to live in; 1.5C world has good investments.

EJ: have seen trillions on invested capital call on govt’s to strengthen medium term commitments and delivery.
Australian NZ50 commitment is a real help in allocating capital to Australia. However not updating 2030 target so a real concern, one of few majors not to.

EJ: 2030 targets seen as investment opportunity mechanisms, not costs, and capital will follow.
2030 also important because gap to 2035 or 2040 is even larger. In 2-3 years we need to lodge those targets.

EJ: good news: institutional capital is acting itself. Most members committed to 2050, 30% have 2030 goals and more coming. Not airy - guide to near term investment.

EJ: also need to grapple with just transition. How to work with govts, communities, unions, businesses. IGCC work on how capital can help enodorsed place based assessments of affected regions - without coord, capital won’t flow.

EJ: need to build on resilience policy. National Adaptation Strategy has good elements to build on. But more fort needed - Adaptation Will affect every part of economy, and Govt can’t find it alone.

EJ: climate related financial disclosures: not currently getting good enough. Some are good disclosures (half ASC) but overall not investable. Need more to get capital to companies and support them. Don’t want to just increase cost of capital to companies with bad disclosure

EJ: Australia’s huge super sector could unlock huge benefits but difficulty without near term clarity on policy. Capital will go elsewhere until we fix.

Innes intros panel: Tim Reed @BCAcomau have we got near end of climate wars?
Tim: nearly! Next step is alignment on mid term targets and policy to 2050. When we talk to community, majority accept need for far more ambition this decade and momentum to address harder sectors.

Next @kellyoshanassy of @AusConservation
We’ve been working on climate a long time! But now feels like all are on same page: acting on climate is good for country. It’s all about the speed now; need to reduce much faster than often discussed. Need to be about 75% by 2030

Kelly: but let’s at least match other advanced economies at 50% reductions this decade. Climate impacts will hit lives and jobs.

Next Cass Goldie of @acoss:
Needs to be fast and fair. 30 years of deniers purporting to be voices for those at risk, but we know people on low incomes are hit first and hardest from climate impacts. 3m people living in heat box houses that expose them to impacts.

CG: people most at risk need to be at the front of plans. Low income people in low quality homes - need minimum standards on home efficiency yesterday.
Coal is ending, communities know it, have to support those communities to find their futures.

Next @WarwickRagg @NationalFarmers :
We’re in more furious agreement now than ever, and that’s good. Focus needs to be how to do it. Innovation on soil carbon measurement, cattle methane reductions. Ag is both emitter and sequestered, need balance.

WR: debate keeps moving: day after NFF agreed to NZ50, we got invited to discuss NZ40!

Innes: next topic: where do we need to go?
First Jennifer Westacott of @BCAcomau
JW: when we committed to net zero 2 years ago we new we’d need to focus on the how. If you eager better coordination, better chance to create jobs and be competitive,

JW: we can either embrace decarb and seize advantage, and diversify to new exports - or be left behind, pay higher price and have more painful adjustment. So our recent report goes through all this - huge modelled lost in no-action scenario. But big benefits if we act

JW: 83% of our export markets have committed to NZ50. Massive step change in green finance.
Big changes going on in business.

JW: first step is to decarbonise domestic economy. Second is to keep exporting premium products as world decarbonises.
Competition will increasingly be about decarb. We will be more competitive if we act.

JW: now to 2030: need to bring forward investment in easy to abate sectors - energy efficiency and renewables . Plus send signals for hard to abate investment.

JW: 2030-50: close gap in hard to abate and build up exports. Big opportunities in clean energy and critical minerals. Latter could be much larger than lost fossil exports.

JW: biz needs stable policy architecture.
Climate targets and budgets: good to see bipartisan net zero. But CCA should rec and Govt legislate 10 year carbon budgets.
Also lift 2030 to 46-50%, reviewed by CCA 5 yearly. Doesn’t apply to all sectors in same way at once.

JW: crucial to drive stronger investment signals. Safeguard mechanism - reduce thresholds and baselines to start this.
Offset markets: expand and deepen to balance activity between sectors. Grow Australian offset export market and get access to imports too.

JW: enhanced Climate Change Authority to be truly independent body with responsibility for all aspects of policy incl Tech Roadmap.

JW: rec Regional Roadmap to manage shift, with regional Taskforce inside CCA. Needs investment ahead of time, audit infrastructure, ID Gaps, train workers.
This is a permanent adjustment. Requires every aspect to draw together. Fundamental to total economy.

Next @DermotOz of @WWF_Australia :
Two weeks of COP26 are crucial for our planet, but part of decade with once-in-century opportunity.
We’re at a tipping point on climate action in Australia. Gladstone will soon be home to world largest green H2 facility - doubling global cap

DO: Gladstone will be at heart of global climate solutions? In ambition, Australia needs to think about national goal for 700% renewables - switch transport, renewables, building to electricity and make zero emissions products like green steel. Our research shows how to do.

DO: with ACF, BCA, ACTU we commissioned report showing potential for 395k jobs and $90b new trade by 2040 from renewable exports development - bigger than the current coal sector. Collab between biz, unions, enviro is powerful

DO: 96% of surveyed experts think we have what we need to be export superpower, but worry that without Federal support we risk losing the edge to global competitors. Need to position for global race.
Biz and states leading; Tasmania led charge with 200% RE goal; SA ramping 4-500%

DO: NSW gone zero to hero, but Vic and others coming up fast.
Nature based solutions can also help make us more resilient and $b waiting to invest. Would help us move from deforestation nation to reforestation nation.
Hearing lots from civil society about opportunity

DO: opportunity is there to take. Whether Gladstone is the topping point - we’ll see! But hope that it changes our mindset to opportunities for future, global export and sustainability superpower.

Innes to panel: is Australia in control of our own destiny?
Warwick: probably not. As big exporter, ag responds to what world markets require. Nature based solutions: agree we’re integrating multi use landscapes and landowners need collaboration

Cass: markets move and we have to respond. We have people with very great control, but many people with no control over their lives and in the hands of markets. Tap into community potential and the response will be huge.

Kelly: we’re in control of our mindset. Turn to action and we will take action.
We went to Gladstone and found people who want clean exports.

Tim: we’re not in co trip, we’re very integrated and our trade partners are shifting away from carbon intensive energy. But we can control how we embrace the endpoint and work to get there. Our work shows huge difference if we work well to get there.

Next Michele O’Neil @unionsaustralia : acks Wurundjeri
Globally heading towards Paris targets - with big assumption that all deliver on pledges. Need quality control over just transition schemes so they are genuinely supported.
Australia has NZ50 goal but needs certainty, policy

MO: should legislate target and have interim targets for 2030 and 40. Need to work on diversifying regions with many carbon based workers.
High consensus in civil society, biz and unions. Canada and others have NZ advice cttees with many stakeholders. Australia should too,

MO: regional examples of engagement, but not enough.
Collie planning has delivered better results than biz or Govt going it alone.
Morrison Govt NZ50 plan had zero engagement so is less credible

MO: workers need to be heard and concerns addressed. Regions need confidence of benefit.
EU use of carbon revenue to support regions is global best practice.
Aust Govt has opted out of just transition alliances.

MO: best pathway is Feds bringing unions, other stakeholders together on regional transition. Regions have lots to gain but need more than rhetoric; real policy incentives and Govt investment, not just comms

MO: part of fast fair transition is building secure jobs now, and repping workers at table as policy developed.
Workers future lies in developing the products a clean world demands. Better to be on the front foot.

Next @jconnoroz of @CarbonMarketIns : acks Gattagal
Yesterday 10th anniversary of passage of Carbon Pricing Mechanism. It worked for two years, had capacity for equity and just transition, addressed trade exposure, had investment in new tech. we can do this.

JC: acks ACR and early championing of net zero emissions.
Roundtable also highlights opportunities and costs of inaction. Welcome ACR call for heightened midterm ambition yesterday. Lack of ambition exposes us to border adjustments and other measures.

JC: seen progress on Glasgow. Paris Ratchet is working. Grinding, normative approach not a punitive one, it it so delivering. Pre Paris we were headed for 4 degrees, now below 2. More to go!

JC: BCA report is spot on. Electricity, transport standards & I lCE phaseout.
Safeguard covers 130mt annual emissions. Can make this a driver with lowering baselines, guiding investment

JC crediting framework is imperfect t but world leading. Can build on it for integrity and higher volumes.
Can have negative emissions industry with cobenefits for indigenous and other communities.

JC: good rules for #Article6 will help us get there. Positive signs in Glasgow but much more to work on after.

Innes: to Kelly: when next should we revise our goals?
KO: need to come together on 2030 in next 6 months before election.

Warwick: complication for Ag is we need innovation and research - not yet commercialized on feed supplements, transport fuels. Not there yet.

Cass: science is clear and 75% goal emerging. 100 community orgs back that speed if fair. Need $5k per low income home for retrofits, now. Can’t just have policies for homeowners - rental property critical. Also need resources in the hands of the regions.

Tim: next debate is about 2030, very important. Need lot more ambition.
What’s economically optimal for Aust? 54%. What do members think is achievable? 46%.
Our report puts little burden on ag near term and lots on electricity.

Tim: need to advocate for that progress and the nation will be better off. Distribution matters too.

Innes thanks all speakers and panelists and UKHC. Lots more discussion to come. Climate Roundtable will bring together different views to forward debate and build the most even and fair transition we can. Reason for optimism!
(Also thanks me and colleague Molly Knox!)

Off to bed again for me, ahead of Glasgow Tuesday !