| Author (Person) | Chaffin, Joshua, Hume, Neil |
|---|---|
| Series Title | Financial Times |
| Series Details | 30.8.12 |
| Publication Date | 30/08/2012 |
| Content Type | News |
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The EU and Australia agreed in August 2012 to link their carbon markets in a move that both sides hope would lay the foundation for a global trading system to reduce greenhouse gas emissions. A full two-way link, by means of the mutual recognition of carbon units between the two cap and trade systems, would commence no later than 1 July 2018. Under this arrangement, businesses will be allowed to use carbon units from the Australian emissions trading scheme or the European Union Emissions Trading System (EU ETS) for compliance under either system. The European Commission was trying to accelerate that process by opening talks with South Korea, China and the state of California – where carbon markets are in various states of development – about possible forms of collaboration. In a blog written in a blog in September 2013 Frank Jotzo writes on developments in Australia following the country’s 2013 election. He noted that the new government, led by Tony Abbot, was committed to repealing Australia’s carbon pricing scheme. This had the potential to impact on the EU’s efforts to link up its emissions trading scheme with other systems, and could spillover into the approaches of other countries across the world. |
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| Subject Categories | Environment |
| Countries / Regions | Australia, Europe |
