Oct 25, 2005

Kyoto Protocol delivers, but Australia is missing out

Kyoto Protocol delivers, but Australia is missing out

MEDIA RELEASE – ANTHONY ALBANESE MP

25 October 2005

In a big step forward in the fight to avoid dangerous climate change, the first certified emission reduction credits under the Kyoto Protocol were issued last Thursday.

Certified emission reduction credits (CERs) are generated by climate-friendly, sustainable development projects in developing countries.

CERs can be used by Governments and companies to meet emission reduction commitments under the Kyoto Protocol. Under Kyoto’s emissions trading scheme, CERs can be traded and thus help to combat climate change in the most cost-effective way. A CER amounts to one tonne of CO2 equivalent.

The credits were issued for two hydroelectric projects in Honduras. The projects are supported by Italian and Finnish companies, who gain 54,800 credits as a result – worth $US500,000.

This is just the beginning. Since Kyoto came into effect on 16 February 2005, 26 projects have been registered and around 300 more are in the pipeline awaiting validation.

The Kyoto Protocol’s Clean Development Mechanism is delivering sustainable development to communities and real emission reductions.

Only companies from countries which have ratified the Kyoto Protocol can access this lucrative trade mechanism.

Countries such as Canada, Japan, New Zealand and every country in Europe, are all adopting domestic measures to implement the Kyoto Protocol and countries like India, China and many central-American countries have developed the necessary frameworks for the pursuit of Clean Development Mechanisms.

John Howard’s refusal to ratify the Kyoto Protocol means Australian companies such as Macquarie Bank are investing in massive renewable energy projects in Europe through off-shore companies.

Australian jobs, Australian export dollars and Australian know-how are all going overseas because the Howard Government refuses to ratify the Kyoto Protocol.