Media release
- 30 September 2009 - The Minister for Climate
Change and Water, Senator Penny Wong, today
announced two new measures that will assist
Australian businesses and individuals to
participate in the global carbon market.
"As of today, individuals
and businesses can open accounts in the
Australian National Registry of Emissions
Units," Senator Wong said.
"This will allow
them to participate in the global carbon
market by trading Kyoto units using the
Registry.
"The Registry will
also be a crucial piece of infrastructure
once the Carbon Pollution Reduction Scheme
is introduced."
The Australian Government
also today established Australia's National
Authority for the Clean Development Mechanism
(CDM) and Joint Implementation (JI).
The National Authority
approves participation by businesses in
CDM and JI projects under the Kyoto Protocol.
Senator Wong said G20 leaders last week
committed to stimulate investment in clean
energy, renewables, and energy efficiency
and provide financial and technical support
for such projects in developing countries.
"In the recent
G8 declaration, key economies made it clear
that they are moving towards emissions trading
schemes such as the Carbon Pollution Reduction
Scheme," Senator Wong said.
"Today's milestones
provide new opportunities for Australian
businesses in the emerging global carbon
market.
"It helps them
access the cost-effective abatement opportunities
that exist internationally.
"A robust global
carbon market will mean that carbon pollution
reductions occur first in the countries
and sectors with the lowest-cost abatement
opportunities. This reduces the costs –
for the world and for Australia – of achieving
the emissions reductions that the world
needs."
Background
The CDM allows developed countries or authorised
private entities to undertake projects that
reduce emissions in developing countries.
JI allows developed
countries or authorised private entities
to implement emissions reduction projects
in other developed countries.
The carbon credits generated
by CDM and JI projects can be traded on
international carbon markets.
From 1 July 2011, liable
entities under the Carbon Pollution Reduction
Scheme (CPRS) will be able to use eligible
credits generated from CDM and JI projects
for compliance purposes. Australia can also
use the credits towards meeting its Kyoto
target.
To contribute to Australia's
commitment to refrain from using nuclear-based
credits for compliance under the Kyoto Protocol,
the National Authority will not approve
participation in nuclear CDM and JI projects.
As a further measure
to meet this commitment, the Government
intends to rule out the use of nuclear-based
CERs and ERUs for compliance purposes under
the CPRS.
For information on how
to apply for an account in the National
Registry, visit www.climatechange.gov.au/international/anreu
For information on how
to receive approval to participate in CDM
and JI projects, visit www.climatechange.gov.au/nationalauthority.html
