Media release
For immediate release 29 March 2012
CMI report examines the integrity of carbon markets The peak body for carbon market professionals has launched a compendium report which delves into Australia’s Clean Energy legislative framework and considers what protections are in place to ensure market integrity. Carbon Market Integrity: A Review of the Australian Carbon Pricing Mechanism and its associated information briefs compare three other emissions trading schemes, allowing the reader to assess the need to address integrity issues in the Australian carbon markets. The Carbon Market Institute compendium report also provides a review of the legislative framework for the European Union Emissions Trading System, the New Zealand Emissions Trading Scheme and the California Emissions Trading Scheme. Focused on ensuring the primary, secondary and derivative carbon markets that emerge in Australia are credible and achieve optimum efficiency and operational effectiveness, CMI commissioned Bond University to author the compendium report, peer reviewed by leading climate change lawyers Baker & McKenzie. The compendium report questions whether the institutional framework for operation, regulation and oversight provided by the Clean Energy law package and its associated Acts and regulations will be sufficient to protect the nascent Australian carbon markets from disruption and loss caused by theft, fraud and other undesirable practices. CMI cautions that the answer to this question will unfold with the promulgation of key regulations for the Australian ETS, and thereafter, as the carbon market evolves. “With a long list of draft Clean Energy regulations still to be considered before 1 July, this publication provides a handy reference for anyone considering the detailed design elements of the integrity of the carbon markets,” says Carbon Market Institute executive director Mike Tournier. “We look forward to working with our members and the government on the development of regulations and other legislative instruments to complete the implementation of the carbon pricing mechanism.” Available on the CMI website www.carbonmarketinstitute.org, Carbon Market Integrity: A review of the Australian carbon pricing mechanism is one of a series of research projects commissioned by CMI exploring key elements of carbon markets. ends
Media release Page 2 28 March 2012
For more information, please contact: Communications Manager Gabrielle Callahan Phone: 03 9245 0960 or 0408 997 486 Email: info@carbonmarketinstitute.org
The Carbon Market Institute is an independent membership-based not-for-profit organisation. Our aim is to assist Australian businesses in meeting the challenges and opportunities associated with the developing national and international carbon markets and thereby build capacity to grow in a low-carbon world. Established with support from the Victorian Government, our Asia-Pacific wide membership represents a broad range of professionals, organisations and industry providers for whom carbon will have a direct impact on their businesses both in terms of liabilities and potential opportunities. The Institute has a strong research program and provides market analysis, education and training, business networking and information services and promotes international engagement. CMI is also developing professional standards and an accreditation program. CMI incorporates and builds on the networks, partnerships and services developed by the former Asia-Pacific Emissions Trading Forum (AETF) which began operations in 1998. CMI commenced operation on 1 January 2011 with a mandate to assist Australian business with the implementation of climate-related markets, both in terms of managing risk and realising business opportunities.