Following on from Australia’s proposals for an emissions trading scheme [ETS] (after a few years of a fixed price), here are a couple of intriguing quotes, if for some reason you’re interested in this kind of thing.
One EU official […] said that Brussels had extensively advised Canberra about carbon market issues including: how to set an overall cap, allocate allowances, initiate benchmarking procedures, organise security, and design auctions for allowances.
"Of course there was an interest in getting together and sharing information and experience," he said. "Part of the motivation of those exchanges was the idea of eventually linking those markets.”
"But that is not part of any of those conversations at this stage," he stated.
Are there any provisions for linking the EU ETS to other emissions trading systems?
Yes. One of the key means to reduce emissions more cost-effectively is to enhance and further develop the global carbon market. The Commission sees the EU ETS as an important building block for the development of a global network of emission trading systems. Linking other national or regional cap-and-trade emissions trading systems to the EU ETS can create a bigger market […]
The EU is keen to work with the new US Administration to build a transatlantic and indeed global carbon market to act as the motor of a concerted international push to combat climate change.
As Australia unveils a radical plan to tax carbon emissions, how do China, the US, Europe and India measure up?
I can’t vouch for its effectiveness, but it seems like it’s only a matter of time (i.e. waiting for the US) until cap-and-trade goes global - beating its opponent, the carbon tax.