Australia has made a significant stride in ocean conservation, expanding its marine protection efforts as it hosts the first Global Nature Positive Summit in Sydney. The Australian government announced the expansion of the sub-Antarctic Heard and McDonald Islands Marine Park, adding 310,000 square kilometers of no-take zones. This move brings 52% of Australia’s oceans under protection, surpassing its international commitment to protect 30% of oceans by 2030, a target under the Global Biodiversity Framework (GBF). 

Tanya Plibersek, Australia’s Minister for the Environment, highlighted the importance of this initiative, stating that Australia now protects more ocean than any other nation. The decision followed consultations with researchers, conservationists, and the fishing industry. 

In addition to ocean protection, the government introduced the Nature Repair Market and established the Green Bond Program to attract private sector investment in nature restoration. These initiatives align with global efforts to standardize natural capital accounting, in collaboration with countries like the US and Canada. 

The summit saw over 20 Australian organizations, including Qantas and Rest Super, launching a network to drive private investment in nature repair. These businesses committed to reporting on their environmental impacts using Taskforce on Nature-related Financial Disclosures (TNFD) standards. 

However, the summit also faced criticism from environmental groups for a lack of new financial commitments from the government and its approval of coal mine expansions, which contradict climate and biodiversity goals. 

Australia further announced a proposal to strengthen marine protection in its southeastern waters, turning 73,000 square kilometers into no-take zones, safeguarding 86% of the area from new oil and gas projects. 

These actions reflect Australia’s evolving carbon-neutral strategy through enhanced ESG efforts in biodiversity and ocean conservation. 

Sources:  

https://carbon-pulse.com/330038/ 

https://www.theguardian.com/environment/2024/oct/08/huge-environmental-win-australia-to-protect-52-of-its-oceans-more-than-any-other-country-plibersek-says 

https://30by30.org.au/blog/2024/10/08/global-nature-positive-summit-kicks-off-but-australias-biodiversity-will-keepdeclining-without-increased-government-investment/ 

https://minister.dcceew.gov.au/plibersek/speeches/closing-address-global-nature-positive-summit