Media release - 28 July
2009 - The Minister
for Climate Change and Water, Senator Penny
Wong, today announced that Australia's emissions
trading registry has been issued with Australia's
Kyoto units for the 2008-2012 Kyoto Protocol
period.
The Secretariat to the
United Nations Framework Convention on Climate
Change has confirmed Australia's units,
or Assigned Amount Units, for the 2008-2012
commitment period, were 2,957,579,143 tonnes
of CO2 equivalent of greenhouse gas emissions.
This is equivalent to
108 per cent of 11000-level emissions.
Senator Wong said the
issuing of the Kyoto units meant Australia
could now participate in international emissions
trading under the Kyoto Protocol.
"This milestone
shows the Australian Government's continued
commitment to being part of a global solution
to climate change," Senator Wong said.
"Emissions trading
is emerging as the primary measure globally
to reduce emissions. The recent G8 meeting
in Italy endorsed cap and trade schemes,
saying they had proved largely successful
and allowed countries to reduce emissions
in a cost-effective manner.
"Our commitment
under the Kyoto Protocol to limit carbon
pollution in 2008-12 is only a first step
to protecting the future generations of
Australians and must be followed up with
the passage of the Carbon Pollution Reduction
Scheme."
The Kyoto Protocol allows
for countries to create and acquire Kyoto
units from other countries via three flexibility
mechanisms and use those units to meet their
targets.
The flexibility mechanisms
include:
International emissions
trading that allows countries to trade in
Kyoto units,
Clean Development Mechanism that allows
developed countries to undertake projects
to reduce emissions in developing countries
and receive Kyoto units in return; and
Joint Implementation that allows developed
countries to undertake projects to reduce
emissions in other developed countries.
Companies and individuals will be able to
trade in Kyoto units from September this
year, when they will be able to open an
account in the registry. Entities will be
able to receive and transfer Kyoto units
that they purchase on the international
carbon market.
The registry, which
will be administered initially by the Department
of Climate Change, will track and record
all Australian trade in Kyoto units.
