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Insights June 2024

10 June 2024 |Carbon & climate

Insights June 2024

10 June 2024 |Carbon & climate

Warmer days and nights projected to continue

The Bureau of Meteorology (BoM) expects warmer days and nights across the country in the three months from June to August.

The BoM forecasts a greater than 80 per cent chance that the maximum and minimum temperatures will be above average across Australia. Unusually high maximum temperatures are determined in reference to the warmest 20 per cent of June to August days between 1981 and 2018.

It also noted that sea surface temperatures are still high except for the tropical Pacific area. “Global sea surface temperatures (SSTs) have been the warmest on record for each month between April 2023 and April 2024, with May 2024 SSTs on track to exceed May 2023. The global pattern of warmth is affecting the typical historical global pattern of sea surface temperatures associated with ENSO and IOD (Indian Ocean Dipole).”

The BoM cautioned that as the current global ocean conditions have not been observed before, historical comparisons based on past ENSO or IOD events may not be reliable.

The Copernicus Climate Change Service notes for April 2024:

April 2024 was warmer globally than any previous April in the data record, with an average ERA5 surface air temperature of 15.03°C, 0.67°C above the 1991-2020 average for April and 0.14°C above the previous high set in April 2016. 

This is the eleventh month in a row that is the warmest in the ERA5 data record for the respective month of the year. While unusual, a similar streak of monthly global temperature records happened previously in 2015/2016. The month was 1.58°C warmer than an estimate of the April average for 1850-1900, the designated pre-industrial reference period.

The global-average temperature for the past 12 months (May 2023 – April 2024) is the highest on record, at 0.73°C above the 1991-2020 average and 1.61°C above the 1850-1900 pre-industrial average.

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Reforestation by environmental or mallee plantings method will expire 30 September 2024

The reforestation by environmental or mallee plantings (REMP) 2014 method will expire on 30 September 2024.

The expiry of this method may impact Australian Carbon Credit Unit (ACCU) Scheme participants who are:

  • considering registering a new project
  • in the process of registering a new project
  • undertaking a project that has already been registered
  • considering transferring their project to a new or updated method.

If you are in one of the categories above, you should investigate your options promptly. The Clean Energy Regulator cannot approve applications under the 2014 Method after 30 September 2024.

Funding boost for Nature Repair Market - similar to the ACCUs Scheme

In the recent budget, the federal government allocated additional funding to the Department of Climate Change, Energy, Environment and Water ($17.6 million) and to the Clean Energy Regulator ($14 million) to establish and administer the Nature Repair Market. The market will be similar to the ACCUs scheme for carbon credits. It is intended to deliver benefits for landholders, investors and the environment by encouraging investment in restoration activities to deliver clear, measurable biodiversity outcomes. It is widely agreed that the nature-based solutions in the ACCUs scheme should enhance not damage natural systems and biodiversity. The Nature Repair Act 2023 came into effect on 15 December 2023. It establishes a framework for a world-first legislated, national, voluntary biodiversity market.

The budget measure also includes $4.1 million to drive voluntary participation in the new market and in nature-related reporting by businesses. Establishing a Nature Repair Market is part of the government’s Nature Positive Plan. It received significant funding in last year’s budget.

The Nature Repair Market will mobilise private finance to repair and protect our unique natural environments. The market will allow for a broad range of different types of nature repair, protection and restoration activities, allowing projects to be undertaken on Australian land and waters or a combination of both.

Reducing maritime shipping emissions by developing low emissions fuels

Australia and Singapore have partnered on a $20 million initiative to help reduce emissions in the maritime sector. The recently announced project is named The Australia-Singapore Initiative on Low Emissions Technologies (ASLET). It will be jointly delivered by CSIRO and the Maritime and Port Authority of Singapore (MPA). The MPA manages the world’s busiest trans-shipment hub.

This will be important to the export of commodities especially to Europe. As Statista noted: “In 2023, the EU adopted the FuelEU Maritime initiative to regulate the GHG intensity of marine fuels and promote the use of cleaner energy sources. Under this law, shipping emissions will need to reduce by two per cent by 2025, 31 per cent by 2030, and 80 per cent by 2050, relative to 2020 levels. From January 1, 2024, the European Union Emissions Trading System (EU-ETS) will also include maritime CO₂ emissions from commercial passenger or cargo ships above 5,000 gross tonnage. This will apply to all ships calling at EU ports, regardless of the flag that they fly.”[1]

ASLET will help decarbonise and digitise shipping routes between Singapore and Australia.

CSIRO Chief Executive Dr Doug Hilton said the collaboration addresses the key industry challenges faced when adopting low emission fuels.

“In order to reach net-zero greenhouse gas emissions from international shipping close to 2050, we need to find reliable, trusted scientific solutions for the industry,” Dr Hilton said.

“We need to focus on transitioning to low-emissions fuels such as ammonia and hydrogen by developing accessible technology and infrastructure at ports that supports a range of vessels.”

This article is intended to provide general information on a particular subject or subjects and is not an exhaustive treatment of such subject(s). The information herein is believed to be reliable and has been obtained from public sources believed to be reliable. Rural Bank, a Division of Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL/Australian Credit Licence 237879, makes no representation as to or accepts any responsibility for the accuracy or completeness of information contained in this report. Any opinions, estimates and projections in this report do not necessarily reflect the opinions of Rural Bank and are subject to change without notice. Rural Bank has no obligation to update, modify or amend this article or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth therein, changes or subsequently becomes inaccurate. This article is provided for informational purposes only. The information contained in this article does not take into account your personal circumstances and should not be relied upon without consulting your legal, financial, tax or other appropriate professional.

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