Citola Blog
Cautious Optimism For ETS
The Australian Emissions Trading Scheme (ETS) getting stalled in the senate ahead of the global climate change conference in Copenhagen last December has widely been seen as a politacal wedge to gain an election advantage.
We don’t want to go into the party politics of the situation. But it’s quite clear that creating and implementing change in the space of environmental policy requires a mindset that is both practical and patient.
It’s looking like we’re set to see the kind of outcome that we’re all hoping for – a viable ETS scheme, in other words – before the end of the quarter. Party politics have been put aside by key players in the ETS drama, with leading members of the opposition voting with the Australian government to pass the federal administration’s ETS proposals for the third time in Australia’s lower house, the House of Representatives.
In an earlier Citola blog, we posted video footage of the difficulties experienced by United States President Obama as he attempts to have a scheme similar to the Australian ETS pushed through the American legislative system.
The principles of both systems focus on reducing greenhouse gases and putting a price on carbon where the US system proposes a 17 per cent reduction against 2005 levels, as opposed to the Australian ETS of 5 per cent against 2000 levels. Both President Obama and Australian Prime Minister Kevin Rudd are faced with political difficulties in that neither commands a significant majority in the upper house of the legislature.
The Australian Senate is due to re-convene on 22nd February. The pressure is mounting for the ETS to be pushed through. We are not alone amongst commentators in believing that there are reasons for cautious optimism and a subsequent boost to the future of the climate and for the business prospects of companies positioned in the carbon space.
Post new comment