Issue 4 - December 2011 www.carbonmarketinstitute.org >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
CMI Review
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Article 2 | Page 6 Article 1 | Page 4
The CFI is a land-based domestic offset program. It aims to financially incentivise farmers, landholders, landfill operators and forest owners to undertake baseline and credit projects which abate or sequester carbon emissions.
A second commitment period of the Kyoto Protocol was agreed at the UNFCCC COP17 meeting in Durban. While there is still much to be done to finalise an international agreement by 2015, it’s worth reflecting on the market-based climate change mitigation measures already in existence.
Article 5 | Page 9
To support businesses in preparing for the start of the market in July 2012, CMI launched Australia’s Clean Energy Legislative Package: A Guide for Business, shortly after the Clean Energy Act received Royal Assent on 18 November 2011.
November marked a major milestone for the domestic and international carbon markets with the passing of Australia’s Clean Energy Legislation through Parliament. For many carbon professionals this has been a long hard road with many twists and turns. The introduction of carbon pricing provides signals to both investors and traders along with the legislative framework for compliance risk management decisions. The passing of this legislation is a beginning, not an end. There is indeed much to be done and, in some cases, little time before the 1 July 2012 start date. As members appreciate, the credibility of the carbon market in Australia depends greatly on design rules that create efficient, fair and orderly transactions. Ensuring that the subsequent regulations that underpin the Clean Energy Legislation do indeed embrace world’s best practice market design is of the utmost importance to us all. Working on behalf of members we are actively engaging with government and the regulators to create awareness of the challenges and seek to close the gaps to ensure that this market is robust. Like all things in the carbon market space it will be a journey, but an important one for carbon market professionals. As people often say, the devil is in the detail and to help business navigate this complex landscape CMI is launching a series of practical guides to advise business on how to manage these compliance risks and realise the identified opportunities. There is more about these publications and how they can help your business in this month’s review. Of course, November was also an important month for the carbon industry with its annual conference, Carbon Expo Australasia 2011, held in Melbourne from 7 to 9 November. CMI was delighted to be co-host of this event working with our fellow institute, the Investor Group on Climate Change to make this event the tremendous success that it was. Over 900 delegates and speakers and more than 80 trade booths from 20 countries were on hand to share the latest information on carbon pricing and form the
business networks to support managing business carbon risks in the most cost effective way. A highlight for many was Prime Minister Julia Gillard’s speech to the delegates as was the opportunity to hear from and converse with some of the world’s leading experts in both the voluntary and compliance markets. One of the international mandates for CMI on behalf of its members is to develop strong links to international networks and industry bodies. As Australia’s peak body for carbon market professionals, CMI is very pleased to announce a cooperative agreement with the leading global emissions trading organisation, the International Emissions Trading Association (IETA). IETA and CMI share common goals and objectives to assist Australian businesses in understanding and operating in the new carbon economy. We look forward to making further announcements over the next few months on this important strategic agreement and how it benefits members. This brings me on to membership; we have had a tremendous response to requests for membership to CMI. We currently offer two main levels of membership, either full or associate with sub-categories in both allowing for flexibility and of course a range of budgets. Taking on feedback from the Carbon Expo we have developed an FAQ sheet to help guide you through which option would best suit your business needs. Another common request from conference delegates and foundation members alike has been around the possibility of extending the “Carbon Expo special” to allow budget approvals to be processed. For those of you not at the Expo, the deal offered was either a 33% discount on upfront payment, or ‘Buy now and pay later’ with billing in July 2012. To this end I am pleased to announce an extension of the offer up to 29 February 2012. For more information on membership benefits or to download the application form, visit www.carbonmarketinstitute.com/ membership.
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IETA & CMI
A cooperative agreement between the International Emissions Trading Association and CMI was formalised. ……………………………………………………… 2
Accounting practices in the Australian carbon market
Day 1 Pre Expo Workshop: presentation of research undertaken by Ernst & Young on behalf of the CMI to develop the first comprehensive analysis of the reporting and accounting requirements for the Australian carbon market.
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First speech
Prime Minister Julia Gillard’s first formal address following the passage through the Senate of the Clean Energy legislation. …………………………………………………… 4
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Trade fair
Meet and greet the Australian carbon market. ………………………………………………….. 5
The Hon Mark Dreyfus QC MP
A special one-on-one interview with David Speers from Sky News. …………………………………………………… 6
Australian carbon price package
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Expert comments from Martijn Wilder on the new carbon pricing regime. …………………………………………….. 7
CDM projects
Mr John Kilani, Director, Sustainability Development Mechanisms, UNFCCC. …………………………………………. 8
CMI
The CMI trade fair booth was a popular destination.
The legislation required to implement the Carbon Farming Initiative (CFI), a complementary policy measure to the Clean Energy Bills package, successfully passed through Parliament on 23 August 2011. As such the Carbon Farming Initiative, which commenced on 8 December 2011, has a head-start over the carbon pricing mechanism.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Lloyd Vas – Markets and Research Manager, Carbon Market Institute
The introduction of an Australian carbon price is on the horizon following the recent passage of the government’s Clean Energy Bills package in Canberra. The legislation will result in a national compliance market with an initial price of $23 a tonne of carbon dioxide equivalent emissions (CO2-e). The package of bills details a two stage carbon pricing policy that is essentially a fixed price start to an emissions trading scheme (ETS). The fixed price period is to begin on 1 July 2012 and run for three years before transitioning to a flexible price period from 1 July 2015 onwards.
The CFI is a land-based domestic offset program. It aims to financially incentivise farmers, landholders, landfill operators and forest owners to undertake baseline and credit projects which abate or sequester carbon emissions. Where projects are implemented in accordance with the rules set out in the CFI legislation, developers will receive revenue in the form of saleable CFI credits known as Australian Carbon Credit Units (ACCUs). One ACCU is awarded for the abatement or sequestration of one tonne of CO2-e. Depending on the methodology used, CFI projects will either generate compliance or voluntary ACCUs. Compliance ACCUs will be issued to project activities with associated emissions that fall within Australia’s Kyoto emissions reporting inventory. Such project methodologies include reforestation, the capture and combustion of landfill gas, the reduction of nitrous oxide emissions from fertiliser use and the management of methane emissions from pig and dairy farms. The resultant compliance ACCUs are eligible as units of surrender to meet the compliance obligations of Australian entities covered by the carbon pricing mechanism. The initial three year fixed price period of the carbon pricing mechanism provides a degree of flexibility for liable entities to
utilise compliance ACCUs for up to a maximum of five per cent of their total annual liability. In the flexible price period, from 1 July 2015 onwards, this quantitative restriction is lifted and liable entities are free to use compliance ACCUs to cover their entire annual liability. Voluntary ACCUs will be issued to project activities with associated emissions that fall outside of Australia’s Kyoto emissions reporting inventory. Voluntary methodologies cover projects that aim to increase the carbon content in soils, sequester carbon in shrubbery or lands that fall short of the definition of a forest, and also cover the use of biochar to enrich soils. Voluntary ACCUs will be eligible for use in the National Carbon Offset Standard (NCOS), Australia’s voluntary carbon neutral accounting framework. In addition to use in the Australian market, compliance ACCUs may become eligible for use in other international compliance markets such as the EU ETS or New Zealand ETS, should those markets decide to accept them. Likewise, voluntary ACCUs can also be sold into the international voluntary market. While demand for CFI credits will come from both domestic and international markets, it is likely that short to medium term demand will be primarily driven by the requirements of the Australian market. Given the passage of the Clean Energy Bills package, it is now economically advantageous for Australian liable entities to source compliance ACCUs priced below $23 during the fixed price period. Initial market expectations are for compliance ACCUs to trade in a range of between $17 and $22 a tonne, with price being project and contract specific. From the start of the flexible price period, it is likely that there will be a strong positive correlation between the international carbon price and the price of compliance ACCUs. From then on the Australian ETS will be linked to international offset markets such as the Clean Development Mechanism (CDM) and liable entities will be able to surrender Certified Emission Reductions (CERs) and other eligible international credits to cover up to a maximum of 50 per cent of their annual emissions liabilities. It is expected that demand for compliance ACCUs will significantly outstrip supply. The Commonwealth Department of Climate Change and Energy Efficiency (DCCEE) estimates abatement from compliance CFI projects in 2020, on a non-cumulative basis, of between 4.7 Mt CO2-e and 15.6 Mt CO2-e. The majority of compliance ACCUs are expected to come from forestry and landfill gas management projects. The DCCEE predicts these types of projects will respectively generate up to 6 million and 3.5 million compliance ACCUs in the year 2020. Domestic demand for voluntary ACCUs will be driven largely by a government fund set up to purchase such credits. The
$250 million fund will purchase voluntary ACCUs over six years starting in 2012. Again, the supply of credits is likely to be limited. The DCCEE estimates abatement from voluntary CFI projects in 2020, on a non-cumulative basis, of between 1 Mt CO2-e and 6 Mt CO2-e. Revegetation projects are expected to generate the lion’s share of voluntary ACCUs, with projects of this type generating up to 5 million credits a year in 2020. There is a much greater degree of uncertainty for voluntary CFI project abatement and sequestration, due in large part to the uncertainty in the amount of revegetation activity on non-Kyoto lands. The CFI and its methodologies are underpinned by a number of key concepts that are common to all robust project-based offset crediting mechanisms. CFI projects are required to operate under an approved methodology. Methodologies detail the parameters for particular types of projects and set out project areas, baselines and ongoing monitoring requirements. Robust monitoring, reporting and verification processes are required to ensure that real and additional emissions reductions have occurred. The concept of conservatism applies to all CFI projects. Conservative assumptions, numerical values and procedures are to be used to ensure that abatement or sequestration claims are not overestimated. And as always, the requirement that emissions abatement or sequestration be additional to “business as usual” emissions is critical. The CFI proposes a simplified form to test additionality that is, in part, satisfied if a project type is on a so-called “positive list”. The CFI also sets out a “negative list”. Where there is a material risk that a certain type of CFI project may have a significant adverse impact on matters such as water, the environment and access to agricultural land, such projects are excluded. The concept of permanence is of unique importance to sequestration projects. The sequestration of emissions is considered permanent under the CFI if it is guaranteed for at least 100 years. Consequently, lands used for sequestration projects will have long run obligations and may incur potential liabilities. The CMI has commissioned Norton Rose and RAMP Carbon to jointly prepare a comprehensive publication Implementing the Carbon Farming Initiative (CFI) from a market perspective: A Guide for Business which explores all aspects of the CFI in detail. This practical Guide for Business will provide participants along the CFI value chain the information necessary to participate in this newly established market. For more information please visit www.carbonmarketinstitute.org * An excerpt of this article can be found in PointCarbon’s Trading Carbon magazine – Vol 05 – Issue 10 - Dec 2011/Jan 2012.
important developing economies such as China, India and Brazil into a new international legal framework for reducing greenhouse gas emissions.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Gabrielle Callahan – Communications Manager, Carbon Market Institute On 11 December 2011, negotiators from more than 190 countries reached an agreement at the United Nations Framework Convention on Climate Change (UNFCCC) COP17 meeting in Durban South Africa to a second commitment period of the Kyoto Protocol from 1 January 2013. Importantly, they also decided to adopt a universal legal agreement on climate change to be finalised no later than 2015. The historic agreement opens the way to bring all of the world’s major greenhouse gas emitters – including the United States and
Existing and proposed market-based schemes, December 2011
While there is still much to be done to finalise an international agreement, it’s worth reflecting on the market-based climate change mitigation measures already in existence globally. At the CMI Q4 Business Roundtable Meetings in Melbourne and Sydney in November, UK-based Liz Bossley of Consilience Energy Advisory Group Ltd gave a very informative and entertaining presentation based on her experience as an expert witness in litigation of directors of a UK utility company that entered into long-term contracts and neglected to include a price on carbon in 2005. Liz pointed out that, far from the oft-heard ‘nothing is happening internationally’, cap-and-trade schemes are actually “breaking out like a rash” all over the world. The following figure provides a snapshot of a rapidly evolving situation.
Existing and proposed market-based schemes The situation with regard to the number and breadth of market-based climate change mitigation schemes around the world is rapidly evolving. Presently, the existing and proposed schemes represent large populations and apply in some cases on city level, but in other cases on a state or province or national level. Here are just some of those schemes. UK Greenhouse Gas Emissions Trading Scheme: a voluntary emissions trading system created as a pilot prior to the mandatory EU ETS which it now runs in parallel with. It ran from 2002 and closed to new entrants in 2009. In June 2011, the UK Government enshrined in law a new commitment to halve greenhouse gas emissions on 1990 levels by the mid-2020s. European Union Emissions Trading System: The world’s first and largest mandatory trading scheme for CO2 emissions. The EU ETS has been divided into three trading periods. The first trading period from 2005 to 2007 covered emissions from major installations in selected sectors, including energy, ferrous metals, mineral industry and pulp and paper. The second trading period began in 2008 and ends in 2012. Before the start of the first and the second trading periods, each Member State had to decide how many allowances to allocate in total for a trading period and how many each installation covered by the ETS would receive. For the third trading period beginning in 2013, there will no longer be any national allocation plans. Instead, the allocation will be determined directly at EU level. The EU ETS now operates in 30 countries (the 27 EU Member States plus Iceland, Liechtenstein and Norway). Norway Cap-and-Trade: Covers CO2 emissions from large direct emitters in selected (mainly industry) sectors for 2005 to 2007; fully linked to the EU ETS from 2008. Regional Greenhouse Gas Initiative: The first US market-based greenhouse gas emissions reduction program. The scheme covers 10 north-eastern and mid-Atlantic states that aim to reduce CO2 emissions from the power sector 10% by 2018. The states are Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont. New Zealand Emissions Trading Scheme: Forestry was the first sector to enter the NZ scheme on 1 January 2008. The transport (liquid fossil fuels), stationary energy and industrial processes sectors joined in July 2010. Waste and synthetic greenhouse gas sectors are due to enter the scheme in January 2013 and the agriculture sector in January 2015. NZ aims to reduce emissions between 10% and 20% below 1990 levels by 2020. Tokyo Cap-and-Trade: The Tokyo Metropolitan Government developed the world's first cap-and-trade program at city level targeting energy-related CO2. The scheme commenced in April 2010 and aims to reduce CO2 emissions by 25% from 2000 levels by 2020. Western Climate Initiative: A cap-and-trade scheme which aims to reduce emissions by 15% by 2020 from 2005 levels in the
Canadian provinces of British Columbia, Manitoba, Ontario and Quebec and the US state of California. The first phase of the program will begin on 1 January 2012, with a three-year compliance period. The second phase of the program will begin in 2015, when the program will be expanded to include transportation fuels and residential, commercial and industrial fuels not otherwise covered in the first phase. Australia emissions trading scheme: Australia is introducing a carbon price commencing on 1 July 2012 which will be fixed for the first three years, starting at $23 per tonne. From 1 July 2015 onwards, the price will be set by the market. Quebec Cap-and-Trade: The Canadian province is due to publish the governing regulations of its proposed cap-and-trade scheme shortly in preparation for launching the market in 2013. Quebec aims to reduce its emissions 20% below 1990 levels by 2020. China Cap-and-Trade: China has approved pilot greenhouse gas emission rights trading schemes in seven provincial regions. China has pledged to reduce CO2 emissions per unit of GDP by 40% to 45% compared to 2005 levels by 2020. China has stated it will introduce emissions trading schemes in provinces by 2013 and nationwide by 2015. Rio de Janeiro: will launch a pilot emissions trading scheme for its biggest CO2 emitters between 2013 and 2015, which it hopes can serve as a model for other states and form the basis for a national carbon market. In 2009, the governor of Sao Paulo set a target to reduce greenhouse gas emissions 20% below 2005 levels by 2020. South Korean Cap-and-Trade: Announced industry-specific emission reduction targets; cap-and-trade to begin in 2015. If Parliament approves the scheme, it will cover about 60% of the country’s CO2 emissions. California Cap-and-Trade: The scheme will cover 360 businesses representing 600 facilities and is divided into two phases: the first, beginning in 2013, will include all major industrial sources along with electricity utilities; the second, starting in 2015, brings in distributors of transportation fuels, natural gas and other fuels. California aims to reduce emissions to 1990 levels by 2020. Japan: Japan has a greenhouse gas emissions reduction target of 25% below 1990 level by 2020. Japan has a bilateral agreement with Indonesia to cooperate on an offset mechanism. Indian PAT Scheme: Aims to reduce industrial energy consumption by 10 million tonne CO2-e by FY 2014-15. South Africa: will cap CO2 emissions from its biggest emitters within two years to reach its target to cut emissions 34% below business-as-usual in 2020. Mexico: Aims to reduce emissions 30% below projected levels by 2020. The senate has approved legislation to create a climate fund and national emissions registry which form the basis for a domestic trading program.
Course discounts for CMI members
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CMI membership certainly has its advantages, as already one international educational provider listed in the Directory, the Greenhouse Gas Management Institute, now offers member discounts to participate in their online courses. For example, CMI members undertaking the GHG Accounting course can save US$295, and CMI members wishing to do the GHG Offset course pay just US$2430 rather than US$2700 when they enrol.
Professionals in any field of endeavour will always seek out opportunities to advance their knowledge and skills, and CMI members are no different. To assist CMI members to navigate the many educational and professional development offerings, Peter Robertson, CMI’s Manager of Education and Professional Standards has scanned the courses, qualifications and delivery methodologies aimed squarely at the membership of the Carbon Market Institute and published the inaugural Professional Development and Education Course Directory. The Directory lists educational offerings under four categories: Professional Development, Postgraduate, Undergraduate and Vocational Education. It aims to point CMI members to the opportunities for learning, essential as the Australian carbon market emerges. It is not only CMI members who will be interested in what is on offer. The Directory also informs regulators as to what knowledge sources will underpin professionalism, ethical behaviours, and flows of information that form the bedrock of any robust market activity, never more so any activities occurring in a nascent market such as carbon. The Directory is certainly not exhaustive. Without doubt, over the next six months CMI members both corporate and individuals wanting to learn more about the complexities of carbon markets and the many divergent risks and opportunities afforded by recent federal legislation will be deluged in educational offerings. It is hoped the Directory will find a place on the desk of every HR professional of CMI corporate members. Institutions represented in the Directory include established sandstone universities, such as Melbourne’s Masters of Energy program, Cambridge’s agenda setting Masters of Leadership in Sustainability, through to practical hands on courses such as Swinburne’s two day Carbon Accounting program. Significant industry participants are listed such as analysis and data originators Bloomberg New Energy Finance and the Paris-based BlueNext who primarily delivers exchange services into the European Union Emissions Trading System (EU ETS).
The Greenhouse Gas Management Institute was founded as a non-profit organisation in 2007 to build the GHG management infrastructure of the future, with a focus on training and supporting a global community of qualified professionals to work on GHG measurement, accounting, auditing and management. To download a copy of the Professional Development and Education Course Directory, please visit www.carbonmarketinstitute.org
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> The historic passage of the Clean Energy legislation through Parliament marks a major milestone in Australia’s transition towards a low-carbon economy.
Business Checklist A business should ask itself the following questions when considering how it will be affected by the Scheme:
Importantly, it also gives rise to Australia’s compliance carbon market which will present many opportunities and challenges for businesses.
Are emissions from my business covered?
To support businesses in preparing for the start of the market in July 2012, CMI launched Australia’s Clean Energy Legislative Package: A Guide for Business shortly after the Clean Energy Act received Royal Assent on 18 November 2011. The publication is a comprehensive guide which aims to inform and educate businesses about how the scheme operates and what it will mean for different scheme participants.
Do I have operational control of the facilities or is there
The CMI Guide is authored by leading climate change lawyers Baker & McKenzie, led by Martijn Wilder, head of the firm’s Global Environmental Markets and Climate Change practice. Australia’s Clean Energy Legislative Package: A Guide for Business is freely available via the CMI website. Visit www.carbonmarketinstitute.org to download a copy. The following business checklist is an extract from section two of the Guide.
Do facilities operated by my business emit direct emissions that exceed the 25,000 tCO2-e threshold? another operator on-site which could have operational control?
Does my business involve a joint venture arrangement which might limit my liability for emissions?
If my businesses' direct emissions are not above the threshold, do facilities my business operate nevertheless use large amounts of electricity, natural gas or other fuels? As a supplier of goods and services can I pass the increased costs of compliance on in the cost of the goods I produce under my supply contracts?
If I am purchasing goods or services, can the supplier pass through its carbon costs under the supply contract?
Is the supplier entitled to free carbon units which would reduce its direct costs?
Can I take steps to reduce emissions at my facilities or reduce energy costs?
If I am a liable entity and have an obligation to purchase permits how do I purchase permits? Is there an opportunity to purchase from the Government at auction; can I purchase from third parties, other liable entities, brokers or project developers under the CFI? Will I be able to get a lower permit price that reduces my compliance costs? A business should review its main contracts to determine whether its own carbon costs can be passed through (for example, if it has a direct or indirect liability) and whether suppliers can legitimately pass on their increased costs to the business. As part of this exercise, there may be opportunities to renegotiate existing contracts and to ensure new contracts enable carbon costs to be managed effectively. Each contract needs to be assessed on a case by case basis as there are a number of factors which may need to be considered to determine the real cost to each party, including whether suppliers are entitled to incentives or free permits which may reduce their own costs. It will be important to determine whether increased costs are reasonable. The ACCC has been granted additional powers to oversee claims related to price gouging in this space.
Launch of the CMI website and online CMI Members’ Directory.
Hosting Carbon Expo Australasia 2011 in Melbourne from >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Established with support from the Victorian Government in late 2010, the Carbon Market Institute’s establishment year is drawing to a close on what has been a most successful start-up phase. With a full complement of staff on board and an exciting forward program of activities, it has never been a better time for carbon professionals here in Australia and the Asia Pacific. CMI now offers both full and associate membership and all members should select the category of membership which applies to their circumstances in order to renew their membership for the 2012 calendar year. New members may also apply for full or associate membership and the related benefits. Currently CMI’s membership comprises over 150 companies and organisations representing a broad range of professionals, organisations and industry providers for whom carbon will have a direct impact on their businesses both in terms of liabilities and potential opportunities.
2011 program highlights To support members in meeting these challenges and opportunities, CMI has delivered a strong program in 2011. Highlights this year include:
CMI was invited to become a member of key Commonwealth Government industry liaison groups associated with both the Multi-Party Committee on Climate Change and the Carbon Farming Initiative.
Establishing the CMI Education Advisory Panel to support the creation of professional standards which will inform the future accreditation of employees operating in the evolving carbon market.
Business Roundtable Meetings in February, May, August and November.
Information seminars with international speakers, industry and senior government representatives.
Carbon training courses in association with Point Carbon. Over $400,000 research program with key themes relating to the implications and opportunities associated with a carbon price in Australia as well as issues of market development and implementation.
CMI’s flagship publication, CMI Review.
7 to 9 November with discounted registration for CMI Members.
Launch of the CMI publications, The Carbon Farming Initiative – An Introduction to Participation and The Carbon Farming Initiative (CFI): A Summary of the Guide for Business.
Launch of the CMI Professional Development and Education Course Directory.
Launch of the CMI publication, Australia’s Clean Energy Legislation: A Guide for Business.
Release of Accounting Practices in the Australian Carbon Market: Discussion Paper with the CMI publication, Reporting and Accounting Requirements for the Australian Carbon Market: A Guide for Business, scheduled for publication in February 2012.
Survey of members to determine key areas of interest and inform the program of activities. Whilst these achievements have been impressive and well received, our plan for 2012 will see a further significant lift in member services and benefits. Visit the membership page of the CMI website to read more about the value and benefits of being a member of Australia’s peak industry body for carbon professionals and to download the membership application form. For more information about the current program of activities and member benefits, contact the CMI Secretariat either by phoning +61 (03) 9245 0900 or emailing info@carbonmarketinstitute.org
Membership Q & A What categories of membership does CMI offer? There are two categories of CMI Membership – Full and Associate. Full Membership is available for corporations and individuals. Associate Membership is available for individuals, NGOs, academics and students. I am currently a member of CMI. When does the free membership period end for foundation members? The free membership period ends on 31 December 2011 for foundation members. To continue receiving the benefits of CMI membership, foundation members need to select the category of membership which applies to their circumstances and renew their membership for the 2012 calendar year.
There are three people in my team, and our company turnover is less than $5 million. What category of membership applies in this case? A Corporate Full Membership includes three complimentary Individual Full Memberships if the company’s turnover is less than $5 million; the annual fee is $4400.
I am an academic. What category of membership applies? Academics have three choices:
Apply for Associate Membership and receive the related Associate Membership benefits;
apply for Individual Full Membership and receive the related Individual Full Membership benefits; or
There are four people in my team, and our company turnover is less than $5 million. Can all our team members access the benefits of full membership? If a company’s turnover is less than $5 million, Corporate Full Membership includes three complimentary Individual Full Memberships for the $4400 annual fee. If the company requires additional Individual Full Memberships, these can be added on a per person basis (currently $825 per person).
apply for Corporate Full Membership and receive the related Corporate Full Membership benefits. The company turnover will determine the fee and the number of complimentary Individual Full Memberships included. I work for an NGO. What category of membership applies? Individuals working for NGOs have three choices:
Apply for Associate Membership and receive the related Associate Membership benefits;
There are three people in my team, and our company turnover is more than $5 million. What category of membership applies in this case? For companies with an annual turnover higher than $5 million, five complimentary Individual Full Memberships are included for the $6600 annual fee and each team member can access the benefits of membership. I am the only person in my company that works in this field. Can I become a Full Member and access all the related benefits?
apply for Individual Full Membership and receive the related Individual Full Membership benefits; or
apply for Corporate Full Membership and receive the related Corporate Full Membership benefits. The company turnover will determine the fee and the number of complimentary Individual Full Memberships included. I am a student. Can I apply for CMI membership? Students may apply to become Associate Members of CMI. You will need to provide evidence of enrolment in a full time course.
Yes, individuals can become Full Members and access all the related benefits. The annual fee for an Individual Full Member is $1650.
Membership categories and annual fees All annual fees include GST and are valid as at 1 November 2011.
Full members Corporate (full) Company Turnover Up to $5 million
Includes three complimentary Individual Full Membership
$5 million and above
Includes five complimentary Individual Full Memberships
Additional Individual Full Memberships
Individual (full) Annual Fee
Annual Fee
$4,400 $6,600
$1,650
$825 each
Associate members Individual, NGO or Academic Associate Member
$715
Student Associate Member
$110
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Copyright and Disclaimer Copyright ©2011 the Carbon Market Institute (the CMI). No part of this document may be reproduced without consent. Permission is granted for normal and limited quotation provided that credit is given to the CMI. The opinions expressed in this publication do not necessarily reflect the opinions of the CMI directors, sponsors, partners or members. No responsibility is accepted by the CMI, its directors, sponsors, partners, or members or the authors of any articles for the accuracy of any information contained in this publication or the consequences of any person relying upon any information. The contents of this publication should not be relied upon as a substitute for professional advice.