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l11 - Lecture Outline Introduction International Response...

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1 1 Accounting for Climate Change 2 Lecture Outline: Introduction International Response The Australian Context Carbon Pollution Reduction Scheme Reporting and Compliance Assurance of Carbon Emissions Disclosures 3 Introduction: Growing evidence linking climate change and human activities: “Warming of the climate system is now unequivocal… Most of the observed increase in globally-average temperatures since the mid-20 th century is very likely due to the observed increased in anthropogenic GHG [greenhouse gas] concentrations” (Intergovernmental Panel on Climate Change (IPCC) – Fourth Assessment Report (Nov, 2007) 4 Introduction: International Response to Climate Change: Kyoto Protocol (1998) negotiated by the international community. Sets legally binding targets and timetables for cutting greenhouse gas (GHG) emissions of industrialised countries (for those countries ratifying the agreement) By the end of 2007, 175 countries, the European Union and Australia had committed to the Protocol (the US is the only developed nation not to have ratified it) Australia’s target (from the Protocol) is to limit GHG emission to 108% of 1990 levels for the first commitment period (2008-2012). 5 Introduction: International Response to Climate Change (cont.): The Protocol defines three flexibility mechanisms to assist countries limit their GHG emissions and meet their obligations under the Protocol at least cost. They include: 1. Clean Development Mechanism (CDM) Reduce emissions via investment in emissions reduction projects in developing countries for which carbon credits can be obtained 2. Joint Implementation (JI) Similar to CDM, enables investment in emissions reduction projects in other industrialised countries 3. Kyoto Emissions Trading Mechanism Purchase of emission permits from other signatory countries to contribute to domestic emission reduction targets 6 Introduction: International Response to Climate Change (cont.): In addition to the Kyoto emission trading mechanism, other domestic and multilateral emissions trading schemes have been established e.g. European Union Emissions trading Scheme (largest; commenced in January 2005 and due for review in 2010) Chicago Climate Exchange NSW Greenhouse Gas Reduction Scheme
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2 7 The Australian Context: Australia’s GHG emission represent approximately 1.4% of total global GHG
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  • Three '09
  • DrK.Herbohn
  • Greenhouse gas, Kyoto Protocol, Emissions trading, Carbon Credit, Pollution Reduction Scheme, Carbon Pollution Reduction