The adoption of an emissions trading scheme is said to be on the agenda for the APEC summit held in Australia in September mentioned on the 19th May in the article ‘ Regional Carbon Trade Plan’. The scheme would be the foundation for the existing Asia-Pacific Partnership on Cklean Devlopment and Climate which includes the AP6 nations, Australia, China, US, Japan, South Korea,India and also include various other regional nations.The scheme is a big change for both Australia and the US, who have shifted their concerns and appears to be taking on a more concrete stance on climate change. The scheme would provide targets which previously Australia and the US would not commit to such as the Kyoto Protocol.
“The proposed emissions trading scheme would be based on finding “a mechanism” to set a target for greenhouse gas emissions. Polluters who could not meet their emissions cap would be able to use the trading scheme to buy credits to emit extra greenhouse gases.”
The scheme is seen as a positive step in the right direction and other nations are expected to join.
“It is expected that other regional countries will eventually become involved in the new emissions trading scheme, with the possibility of some European nations getting involved.”Gordon Brown, British Chancellor and successor to Prime Minister Tony Blair noted that the agreement will only be effective if all countries are prepared to sign, “America and China particularly”.
The meeting will also discuss the PM’s emission trading taskforce report which is due out on May 31 aimed at reduction of emissions by putting a price on carbon.
” Rather than recommend greenhouse emissions targets for 2015 and 2050, the taskforce is expected to produce a mechanism that would allow Australia and other countries to work out suitable targets.”