Victoria vies to become Asia-Pac carbon trading hub
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11 December 2008
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Victoria has taken an important step towards a new joint industry-government emissions trading organisation that would underpin the State Government’s bid to become an Asia-Pacific carbon trading hub.
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Acting Minister for Industry and Trade John Lenders attended the second meeting of the Melbourne Carbon Market Taskforce yesterday and said a feasibility study would be undertaken into a Cooperative Carbon Market Institute (CCMI) to make Victoria the home of key market activities in Australia.
“The Victorian Government is taking action to ensure our industries capitalise on emerging carbon trading opportunities,” Mr Lenders said.
“The proposal for an industry-government emissions trading organisation has enormous potential and would anchor the development of a cluster of local carbon market services firms.
“The proposal highlights Victoria’s continuing role at the forefront of efforts to capture the business opportunities created by a strong and effective response to climate change.”
The objectives of the proposed joint industry-government CCMI are:
· To support the implementation of the Carbon Pollution Reduction Scheme by providing industry stakeholders with services tailored and responsive to industry’s needs; and
· To position Australia as an emissions trading hub for the Asia-Pacific region.
Mr Lenders said the institute concept had been developed in close consultation with the recently established Melbourne Carbon Market Taskforce, which includes membership from National Australia Bank, International Power and Qenos.
“Key functions for the proposed CCMI identified by taskforce members included trading and market services, accreditation, international linkages and a consultative role to the Commonwealth Government,” he said.
“While supporting the concept, taskforce members also recognise the need for further exploration and development.”
Mr Lenders said the feasibility study would:
· Develop a business case for the CCMI, canvassing a range of possible options;
· Advise on the design of an appropriate cooperative governance structure;
· Clarify institute activities; and
· Identify implementation steps and timelines, including funding options.
“The Brumby Labor Government is ensuring that Victoria can harness its many competitive advantages and capitalise on the Federal Government’s proposed Carbon Trading Scheme, set to commence in 2010,” Mr Lenders said.
The CCMI feasibility study comes on top of other recent Victorian Government initiatives including formation of the taskforce and launch of a Melbourne Carbon Market Services Guide.
Further information at http://www.business.vic.gov.au/carbonmarket/index.html
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