No tar­gets, no EU car­bon link

The Weekend Australian - Travel - - Resources -

AUS­TRALIA would need to adopt manda­tory green­house tar­gets be­fore it could link with the Euro­pean Union’s emis­sions trad­ing mar­ket. The fed­eral Gov­ern­ment plans to have an emis­sions trad­ing scheme op­er­at­ing by 2012 and hopes to link it with re­gional and global mar­kets.

The EU mar­ket, op­er­at­ing since 2005, is pur­su­ing link­ing schemes with such ma­jor de­vel­oped coun­tries as Ja­pan, Rus­sia and Canada. The EU will also look at link­ing its mar­ket with coun­tries which have not rat­i­fied the Ky­oto Pro­to­col.

Aus­tralia and the US are the only de­vel­oped coun­tries not to have adopted the cli­mate change blue­print, which ex­pires in 2012.

The Howard Gov­ern­ment has also re­fused so far to set any green­house tar­gets, but has com­mit­ted to fix an as­pi­ra­tional goal by next year once eco­nomic modelling has been done. The re­port of its emis­sions trad­ing task group also rec­om­mends in­terim tar­gets.

To link with the EU mar­ket, it’s un­der­stood that Aus­tralia would need to have manda­tory tar­gets to cut emis­sions. The EU would also want a ne­go­ti­at­ing process to link the two mar­kets.

The Euro­pean mar­ket is un­der re­view ahead of its sec­ond phase over 2008-12.

The car­bon price col­lapsed to­wards the end of the start-up phase be­cause of an over-al­lo­ca­tion of cred­its. For the sec­ond phase it has been trad­ing at around 25 euros per tonne.

Global warm­ing will be the fo­cus of Septem­ber’s APEC sum­mit in Syd­ney, and cru­cial talks un­der the United Na­tions cli­mate change frame­work take place in Bali in De­cem­ber. AAP

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