Australia signs a declaration calling for new clear rules for international carbon trading

Australia has signed a Paris declaration calling for new clear rules for international carbon trading.

Foreign minister Julie Bishop, who signed the declaration in Paris, said it was in Australia’s interests to recognise the role an international carbon market might play in reducing emissions after 2020.

“It’s signalling our commitment to working with others about rules for a carbon market post 2020. The detail is for each country to include in their domestic policies, and this is something Australia will consider in due course.

“It is a declaration that recognises the role a carbon market might play after 2020 and we thought it would be in our national interest to sign up to it,” she said.

“We are engaging closely with business as we work towards developing and reviewing our domestic climate policies in 2017 and we deeply appreciate the private sector’s interest in accessing international [carbon] units and recognise international carbon markets are also a key part of the global effort to reduce emissions. Carbon markets can provide flexibility for countries and companies to use genuine and verified international units to help meet their commitments.”

The declaration, pushed by New Zealand and set to be announced at the end of the Paris meeting, calls for countries to work on transparent rules for carbon trading after 2020 so that they have the choice to enter into bilateral or multilateral carbon trading arrangements.