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In this episode of DBrief, Louise McGrath and Tennant Reed discuss the ongoing COP30 conference in Brazil, focusing on the Environment Protection and Biodiversity Conservation (EPBC) reform in Australia, the major issues being addressed at COP30, particularly the financial mechanisms for climate action, and the role of industry in achieving sustainability. They also explore Australia's position in global climate leadership and the implications of international decisions on the Australian economy. 

Takeaways 

• The EPBC Act is outdated and needs reform. 
• Streamlining project assessments is crucial for environmental protection. 
• COP30 negotiations navigate significant financial issues related to climate change. 
• Developing countries demand more financial support from developed nations. 
• The choice between natural and engineered solutions (capturing carbon) to bring temperatures back below 1.5°C or accepting a higher temperature overshoot with severe impacts – especially for Pacific nations. 
• The significance of COP30 for Australian industry and how businesses can play a role in decarbonization efforts. 
• Border adjustment mechanisms could open new market opportunities for cleaner industries, but companies must first secure the funding to invest in clean technology. 
• Australia's credibility in climate negotiations is mixed but improving. 

Contact the Industry Development & Policy team here.