L11 - Lecture Outline Introduction International Response The Australian Context Accounting for Climate Change Carbon Pollution Reduction Scheme

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 7 The Australian Context: Australia’s GHG emission represent approximately 1.4% of total global GHG
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/07/2009 for the course ACCT 3102 taught by Professor Drk.herbohn during the Three '09 term at Queensland.

Page1 / 4

L11 - Lecture Outline Introduction International Response The Australian Context Accounting for Climate Change Carbon Pollution Reduction Scheme

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online