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Carbon trading starts on ACX
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A new world of climate-friendly carbon trading dawned at the Australia Pacific Exchange (APX) yesterday when greed started turning green and the market moved for the first time.
At precisely 12.01pm, 600 metric tonnes of Australian Greenhouse Office-accredited Voluntary Emission Reductions (VERs) were traded on the Australian Climate Exchange (ACX). The price was $8.50.
At midday, APX chairman Ray Schoer commenced proceedings by ringing a bell to usher in the new dawn of securitised carbon trading provided by this pioneering joint venture between the APX and the ACX Ltd.
Tim Hanlin, managing director of ACX Ltd, said the case for trading in carbon offsets was compelling as only markets can provide a clear price signal for carbon.
“As Prime Minister Howard said the other day at the Melbourne Press Club, a deep and robust market for carbon will be vital if Australia is to lead the world in energy management,” Hanlin said.
“This joint venture between APX and the ACX Ltd provides such a market. It will not be trading in hot air. This is just the end of the beginning of a ‘cap and trade’ emissions trading scheme that the Prime Minister hopes to have in place before 2012.
"In Perth, ACX Registries Services has set up Australia’s first carbon offset registry which tracks the transfer of Federal Government-approved Greenhouse Friendly™ Voluntary Emission Reductions (VERs). This purpose built registry will monitor and track the transfer and retirement of the individual VERs.
“These are traded between businesses via the ACX in minimum lots of 100 metric tonnes of carbon dioxide equivalent (CO2e). The Australian Greenhouse Office provides the Greenhouse Friendly™ certification.
“Through Greenhouse Friendly, Australian businesses can market greenhouse neutral products or services, deliver greenhouse gas abatement and give Australian consumers greater purchasing choice.
"We will grow. We will evolve. We will comply with all the Government changes to the official emissions trading scheme that are inevitable before 2012.
“Our aim is to consolidate all those efforts as we strive to be the Pacific Rim’s leading carbon trading exchange,” Hanlin said.