Australia Passes CO2 Offset Laws, Carbon Pricing Next

[one...two...tree 2,762]

CANBERRA (Reuters) - Australia's parliament endorsed the world's first national scheme that regulates the creation and trade of carbon credits from farming and forestry on Monday, to complement government plans to put a price on carbon emissions from mid-2012.

The laws, the first major bills passed by the government with Greens support in the Senate since the Greens took the balance of power on July 1, are a precursor to the carbon price legislation to be put before parliament later this year.

Known as the Carbon Farming Initiative (CFI), the new laws allow farmers and investors to generate tradeable carbon offsets from farmland and forestry projects. Land use including agriculture accounts for 23 percent of Australian emissions.

"Green carbon is one of the four pillars of the climate package, alongside putting a price on pollution and investing in renewable energy and energy efficiency," Greens deputy leader Christine Milne​ said.

"The passing of this bill augurs well for passing of the whole package."

The laws passed with minor Senate amendments backed by the government, with the House of Representatives now due to rubber-stamp the changes.

The step came as hundreds of truckers circled Australia's parliament on Monday in a campaign aimed at forcing the government to withdraw the proposed carbon tax law, and call new elections.

Projects backed by the CFI include tree plantations that soak up carbon dioxide as they grow, cutting methane emissions from burping camels and livestock, reducing fertilizer use and better fire management of northern grasslands.

INTERNATIONAL TRADE

The government said the offsets can be traded domestically and overseas. However, the scheme is expected to start off slowly until parliament passes laws to put a price on carbon emissions from July 2012.

Prime Minister Julia Gillard plans a carbon tax starting at A$23 a tonne on about 500 of Australia's biggest polluters from July 2012, ahead of emissions trading from mid-2015, and has staked her government's future on securing parliamentary support for her plan.

Agriculture is not included in the carbon price scheme, but the government wants farmers to be able to benefit from the market for carbon credits.

Under the carbon price plan, Australian industries which buy carbon offsets will need to ensure at least 50 percent of the offsets are domestic credits.

"This is fantastic. It gives us the ability to export (credits), it gives a boost to the voluntary market and it gives confidence that we can get an administrative structure that we desperately need," said Andrew Grant, CEO of CO2 Group,, the country's main developer of tree plantations for carbon offsets.

The government estimates the carbon farming initiative will help cut Australia's carbon emissions by 460 million tonnes by 2050.

"There is increased interest in the CFI from across market and the first wave of investment activity will start to unfold now the Act has been passed," said Martijn Wilder, global team leader for environmental markets at law firm Baker & McKenzie in Sydney.

"But the really significant activity under the CFI will come with the approval of carbon pricing laws," he added.

Australia accounts for about 1.5 percent of global emissions, but is the highest per-capita polluter in the developed world because coal is used to generate most of the country's electricity.

The government has committed to cut total emissions by five percent of year 2000 levels by 2020.

The conservative opposition strongly oppose putting a price on carbon emissions and has promised to scrap the scheme if it wins the next election, due in the second half of 2013.

But a report by the left-leaning Australia Institute on Monday said the opposition plan would create a prolonged period of uncertainty, even if the conservatives win the next election, as the polls suggest.

It said the conservative Liberal and National Parties would have to wait until mid-2016 before they could win enough seats in the Senate to repeal the carbon-trade laws, and its direct action plan for tackling emissions could be delayed until 2018.

http://www.scientificamerican.com/article.cfm?id=australia-passes-co2-offset-laws

[Obama 2012 1,714]

and so begins the idiocy of liberalism taking a stronghold on society.

These people should be shot for this stupidity.

[Usui Takumi 1,562]

and so begins the idiocy of liberalism taking a stronghold on society.

These people should be shot for this stupidity.

If you shot everyone you thought was stupid, we definitely would not have a global warming problem I can tell you that.

On topic - I always thought the credit system was basically a gimmick.

Edited August 22, 2011 by Sousuke

[Obama 2012 1,714]

If you shot everyone you thought was stupid, we definitely would not have a global warming problem I can tell you that.

On topic - I always thought the credit system was basically a gimmick.

Oh we'd having 'global warming' still. They just wouldn't be able to blame it on carbon and cow farts.

[one...two...tree 2,762]

On topic - I always thought the credit system was basically a gimmick.

The concept has been around for a long time and was first proposed by Conservatives who wanted a business solution to an environmental problem. This was long before the Denialism Machine was created by the fossil fuel industry.

When you read the arguments against regulating CO2 emissions, most of them claim that such regulations would stifle business, but then scoff at Cap and Trade as allowing businesses to buy their way into warming the planet. There have been numerous studies on the potential effectiveness and they all show that Cap and Trade is the best way to go. It worked for acid rain.

[Obama 2012 1,714]

The concept has been around for a long time and was first proposed by Conservatives who wanted a business solution to an environmental problem. This was long before the Denialism Machine was created by the fossil fuel industry.

When you read the arguments against regulating CO2 emissions, most of them claim that such regulations would stifle business, but then scoff at Cap and Trade as allowing businesses to buy their way into warming the planet. There have been numerous studies on the potential effectiveness and they all show that Cap and Trade is the best way to go. It worked for acid rain.

Climate Change and Acid rain are not one in the same. Trying to equate the two is absurd.

When you look at what a true Carbon Cap & Trade system would do to everything, it would not only stifle business, it would destroy the last part of a consumer driven market we have. At least with the left-wing whack proposals that are out there as far as 'carbon credit cards' for individuals, etc. goes.

[Sofiyya 1,687]

Does Spooky know you're posting this, Stevie?

[Ban Hammer 13,352]

booyah was right, australia is better!

[Gary and Alla 3,694]

If you shot everyone you thought was stupid, we definitely would not have a global warming problem I can tell you that.

On topic - I always thought the credit system was basically a gimmick.

We should all watch and see what happens. Since the overpopulation of humans seems to be a recurring topic when discussing GW I think someone needs to decide who gets killed first. Why not Paul?

I also had the thought that maybe we coi;ld just outlawe healthcare of any kind until enough people die to get the planet back in balance.

I mean, how to get rid of 3 billion people?

[mawilson 2,133]

I mean, how to get rid of 3 billion people?

Global warming will take care of them.

[Gary and Alla 3,694]

Global warming will take care of them.

You are probably right since the majority of the world's population lives near coasts. Convenient. Hungry Polar Bears will eat the remains. Given the experience in New Orleans, some are incapable of seeing the water coming and walking the other way. Darwinism will always win!

Edited August 23, 2011 by Gary and Alla

[Zero Sum 305]

You are probably right since the majority of the world's population lives near coasts. Convenient. Hungry Polar Bears will eat the remains. Given the experience in New Orleans, some are incapable of seeing the water coming and walking the other way. Darwinism will always win!

Sad, but true. too bad Darwin Awards can't be given away fast enough to people that value the power of denial while ignoring evidence.