In the Asia-Pacific region, Australia and New Zealand are most advanced with plans for domestic emissions trading schemes.
In Australia the current federal Labor government which was elected in November 2007 has ratified the Kyoto Protocol and is committed to meeting Australia's Kyoto target (108% of 1990 levels by 2008-12). It is also committed to introducing a domestic emissions trading scheme to begin operating in 2010.
In July 2008, the federal government issued a Green Paper for a national Carbon Pollution Reduction Scheme, the central component of which is a broad based national emissions trading scheme. Following consultations on the Green Paper, a White Paper describing the final scheme design and draft legislation will be issued by the end of 2008. It is planned that the required legislation will be passed during 2009 in time for the scheme to commence in 2010.
The development of a national trading scheme with proposed international linkages and the ratification of the Kyoto Protocol, means that Australia will be actively exploring opportunities for participation in that wider international market.
Augmenting the evolution of a formal trading scheme is a growing range of voluntary trading initiatives, particularly focused on providing emission offset opportunities for businesses and consumers.
