Feds release the Carbon Pollution Reduction Scheme

Yesterday I went to a televised information session of the federal governments Carbon Pollution Reduction Scheme. It's quite an extensive scheme, that will impact on most of us through additional down stream costs incurred by the goods and services that we use. The bottom line is this :

• The CPRS is a cap & trade system
• The government will cap the no. of permits
• 70 % of permits will be auctioned off, 25 % will go to trade exposed sectors that are emissions intensive and 5-6 % will go towards the electricity adjustment scheme
• The scheme will target the 1000 highest emitters, who represent 75 % of all emissions
• The feds are committed to reducing Australia's emissions by 5 % (unconditionally, even if there is no international agreement on set reductions) and up to 15 (if there is an international agreement on emissions reductions)
• Incentives and financial support will be offered to offset additional costs but this will be reduced over time
  
• The Australian Climate Change Regulatory Authority will be established in 2010
• Business will be encouraged to favour clean energies or more efficient energy practices
• Agriculture (which represents 16 % of emissions) will not be included until 2015 (with the final decision to be made in 2013)
• revegetation of the native environment is seen as a viable means to offset costs through the aquisition of carbon credits
  

Further information can be found via the Department of Climate Change here :

http://www.climatechange.gov.au/index.html
http://www.climatechange.gov.au/emissionstrading/index.html

DPI & South West Climate Change Forum will host an information session on Emission Trading Schemes and Carbon Calculators on Monday 2nd March 2009 1.00-3.00pm at DemoDairy (7161 Princes Hwy, Terang). Further information is availible from the SWCCF website http://www.swccf.com.au/ .