Carbon Trading Schemes Around the World
Date: 24-Jul-07
Country: INTERNATIONAL
The Australian Climate Exchange launched on Monday a new carbon trading platform, joining similar initiatives around the world, summarised below.
CURRENT SCHEMES: EU ETS - European Union Emissions Trading Scheme
Launched: 2005 (Phase 1: 2005-2007, Phase 2: 2008-2012)
Mandatory for 27 nations in EU
Target: Help EU meet Kyoto Protocol 2012 emissions targets
CCX - Chicago Climate Exchange
Launched: 2003
Global voluntary scheme
Phase I Target: Cut emissions 4 pct below 1998-2001 average
Phase II Target: Cut emissions by a further 6 pct by 2010
JVETS - Japan Voluntary Emissions Trading Scheme
Launched: 2005
Target: Cut emissions from a 2002-2004 average, using
government-subsidised clean energy equipment
Kyoto Protocol - UN sponsored scheme
Launched: 2005
Mandatory for 35 rich countries
Target: Rich countries can pay poor countries to help them
meet a target to cut emissions by 5 pct by 2012, vs 1990
New South Wales & Australian Capital Territory Greenhouse Gas Abatement Scheme
Launched: NSW in 2003, ACT in 2005
A mandatory scheme which also includes installations in
Queensland, South Australia, Victoria, and Tasmania.
Target: Cut greenhouse gas emissions to 7.27 tonnes per
capita by 2007, 5 pct below 1990 levels
Australian Climate Exchange (ACX)
Launched: 23 July 2007
A platform for voluntary trade in emissions permits called "Greenhouse Friendly Approved Abatement" units. A joint venture between the ACX and the Australia Pacific Exchange Limited (APX)
see -- http://www.climateexchange.com.au
PROPOSED SCHEMES: RGGI - Regional Greenhouse Gas Initiative (US)
Launch: 2009
Region: 10 Northeast and Mid-Atlantic US states
Mandatory
Target: 10 pct below 2009 that by 2019
WRCAI - Western Regional Climate Action Initiative (US)
Region: Group of six western US states and two western
Canadian provinces
Details: TBA
Canada national emissions trading scheme - MCX (Montreal Climate Exchange)
Launch: TBA
Mandatory target to cut emissions by 20 pct from 2006 levels
by 2020
Australia national emissions trading scheme
Launch: 2011
Mandatory
Target: TBA
To be linked up with New Zealand's trading scheme
New Zealand national emissions trading scheme
Launch: Mid-2008
Mandatory
Target: TBA
