Progress made on trans-Tasman carbon market

New Zealand Climate Change Ministers Nick Smith and Tim Groser and Australian Parliamentary Secretary for Climate Change and Energy Efficiency Mark Dreyfus today met in Wellington reaffirming the commitment of both countries to work closely together on climate change.

“Both our countries are determined to do their fair share on combating climate change and making progress on an international agreement to reduce greenhouse gas emissions,” the Ministers and Parliamentary Secretary said.

“We recognise the long term importance of aligning our respective approaches to pricing carbon pollution and that’s why our Prime Ministers in June announced the establishment of a joint officials working group.

“We see benefits for both countries on working towards a trans-Tasman carbon market from 2015. Expanding and linking global markets provides the most cost effective approach to reducing greenhouse gas emissions.”

Dr Smith said: “We shared with Mr Dreyfus New Zealand’s experiences of putting a price on carbon pollution through an emissions trading scheme and I welcome that Australia is now moving down a similar path. The ETS annual report released yesterday shows the scheme is working as intended, implementation has gone smoothly, and New Zealand is now on target to meet its Kyoto obligations.”

Mr Groser said New Zealand and Australia had always worked closely together at international forums, including those on climate change.

“New Zealand is also leading international research on agriculture through the Global Research Alliance and Australia is doing the same in carbon capture and storage,” Mr Groser said.

Mr Dreyfus said: “Today I’ve heard firsthand how New Zealand’s carbon price is benefiting business and driving a new wave of investment in renewables. The Gillard Government's Clean Energy Future package will ensure Australian businesses are not left behind.”