Cap and Trade in Australia: Lessons on the Path to a Low-Carbon Economy
March 30, 2009, 2 - 3 pm
Capitol Visitors Center, SVC 208-209
Senator Penny Wong, Australia's Minister for Climate Change and Water, discussed Australia's experience in designing a cap-and-trade system and the economic opportunities in working toward a low-carbon economy. She also gave Australia's perspective on the challenges of forging a new global climate agreement and the key role of the United States in that process.
The Australian government is in the process of establishing a cap-and-trade system to reduce greenhouse gas emissions 5-15% below 2000 levels by 2020 and 60% by 2050. Under the system, about 25% of emission allowances will be allocated to energy-intensive trade-exposed industries as transitional assistance pending an international agreement.
Penny Wong was appointed to the Federal Cabinet in the Rudd Labor Government as the Minister for Climate Change and Water in December 2007. Minister Wong is responsible for Australia's climate change and water policies, including the design and implementation of the Government's cap and trade scheme.