Government passes European ETS link legislation
The Federal Government has passed legislation that will enable Australia and Europe to begin linking their emissions trading systems (ETS), meaning that Australian emitters will be able to have broad access to the global carbon market from 2015.
Federal Minister for Climate Change, Greg Combet, said that businesses would now be able to purchase permits under the European Union ETS for future use under the Australian system from 2015 onwards.
Mr Combet said the move to link the two systems would provide the most cost-effective abatement solutions, benefitting both the business sector and the broader community.
“From 2015, Australia will have the same carbon price as that applying in 31 other countries with a combined population of more than 500 million people - the same carbon price as our second largest trading partner,” Mr Combet said.