Publication
Building long-term integrity in the voluntary carbon market
In recent years, an important question has arisen in relation to the voluntary carbon market (VCM) as it continues to expand: How do we elevate and maintain its integrity?
Australia | Publication | July 2021
This article was co-authored with Ella Logan.
In support of its goal of establishing Australia as a leading digital economy by 2030, the Australian Government has recently launched a public consultation outlining options for regulatory reforms aimed at increasing Australian business’ investment in cybersecurity. Paired with potential incentives, the paper explores three areas of action: setting clear cyber minimum security expectations; increasing transparency and disclosure; and protecting consumer rights.
In response to increasing ransomware attacks, threats to critical infrastructure and state-sponsored hacks, the paper highlights the Government’s perception that the current incentives and penalties are not effective in persuading corporate Australia to invest sufficiently in cybersecurity. It suggests that Government action is required to drive the adoption of good cybersecurity practices and encourage businesses to better manage cyber risks.
The paper seeks to address ‘key market failures’ such as weak commercial incentives for businesses to prioritise cybersecurity and associated investments, and the difficulty of competing for consumers on the basis of cybersecurity differentiators meaning that cyber risks are often transferred (unknowingly) to consumers.
If implemented, the impact of these proposals could be significant on businesses and company directors. Mandatory governance standards, voluntary incentives and amendments to the regulatory framework are proposed. Most noteworthy amongst these options include:
We recommend engaging with the consultation to ensure that the outcomes are balanced and achievable for your business. Interested stakeholders have until 27 August 2021 to make a submission. Priority areas to consider include:
The Australian Government’s consultation paper can be found here.
Publication
In recent years, an important question has arisen in relation to the voluntary carbon market (VCM) as it continues to expand: How do we elevate and maintain its integrity?
Publication
On 16 April 2024, the Hon Tanya Plibersek MP, the Minister for the Environment and Water (the Minister) announced progress on the package of reforms to the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act).
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