Milan, 17/07/2014 (Agence Europe) - Speaking on behalf of the European Union on Thursday 17 July, Connie Hedegaard, European Commissioner for Climate Action, regretted the confirmation by the Australian Senate on the same day of the country's repeal of an emissions quota trading system based on carbon pricing and emissions limits, along the lines of the EU ETS.
“The European Union regrets the repeal of Australia's carbon pricing mechanism just as new carbon pricing initiatives are emerging all around the world. The EU is convinced that pricing carbon is not only the most cost-effective way to reduce emissions, but also THE tool to make the economic paradigm shift the world needs”.
This erodes any prospect that the EU will be able to link the Australian market mechanism to the ETS. The commissioner added that the EU will “continue to work towards global carbon pricing with all international partners”, such as South Korea, New Zealand and China, who have all adopted market mechanisms similar to the ETS. The talks with Australia on this subject, with a view to creating a global carbon market in 2015, will, of course, be discontinued. (AN)