In Australia, the Federal Government has confirmed it will introduce a carbon price in the Australian economy to begin on 1 July 2012. Carbon Conscious expects that companies producing emissions over a pre-determined level will be required to reduce emissions to below this level. Companies, unable to meet this mandatory target, may be required to make other arrangements to mitigate their carbon emissions including the purchase of carbon credits from market suppliers such as Carbon Conscious.
The carbon market is still relatively young in Australia. But there is a big growth on the horizon thanks to our country’s bi partisan agreement to reduce emissions 5% by 2020 on 2005 levels and the Government's commitment to introduce a carbon price as the best way of achieving our 2020 emission reduction target.
Other positive indicators include:
- Establishment of a Multi Party Climate Change Committee
- Professor Ross Garnaut commissioned to update Garnaut Climate Change Review
- Carbon Farming Initiative Legislation introduced to Parliament
- Government expected to introduce carbon pricing legislation to parliament by mid 2011
- Carbon pricing legislation expected to be passed in 4th quarter 2011
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