Emissions Trading – Some developments since late 2010
Posted 2/03/2011 by Anita Talberg
In November 2010 the Parliamentary Library published a Background Note outlining operating and proposed emissions trading schemes around the world. Since that publication, there have been several new developments:
- the proposed South Korean Emissions Trading Scheme will commence operations in 2015 instead of the 2013 date that had been speculated
- the legislation implementing the proposed Japanese emissions trading scheme is currently under review. If the scheme goes ahead it most likely will commence operations in 2015 instead of 2013
- in America, the Midwestern Greenhouse Gas Reduction Accord appears to have been abandoned by the current governors of the 10 participating states. None of these governors was in office when this Accord was first signed in 2007, and
- the House of Representatives of one of the participating states in the Regional Greenhouse Gas Initiative (New Hampshire) has voted to leave this scheme on 1 January 2012. This Bill has to be approved by a Committee and that State’s Senate before it becomes law. That said, it is likely that this Bill will be passed.
But it's not all doom and gloom in respect of emissions trading. The following developments illustrate that some schemes continue to be implemented:
- the European Commission continues to prepare the implementation of the third phase of the European Union’s Emissions Trading Scheme
- pre-market trading of allowances and offsets for use in the Californian Emissions Trading scheme has commenced, and
- the first transaction under Taiwan’s voluntary emissions trading scheme has taken place.
(Post authored by Leslie Nielson.)
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