Australia’s carbon emissions trading scheme.
The Australian Government is establishing an emissions trading scheme to help meet the challenge of climate change. The new scheme is expected to start in 2010 with a detailed design finalised by the end of 2008, after the The Garnaut Review and other work has been completed. The Garnaut Review (Australia's version of the Stern Review) will examine the impacts of climate change on the Australian economy and recommend medium to long-term policies and policy frameworks to improve the prospects for sustainable prosperity.
The design and implementation of the emissions trading scheme is likely to draw on information produced by The National Greenhouse and Energy Reporting Act 2007. This act establishes a single, national system for business to report greenhouse gas emissions, abatement actions, and energy consumption and production. The scheme will start from 1 July 2008 using an online for reporting system called Online System for Comprehensive Activity Reporting (OSCAR).