1122nd General Monthly Meeting &
Joint Meeting of the Four Societies 2003
Australian Institute of Energy Australian Nuclear Society
Engineers Australia
The Royal Society of New South Wales
Carbon Credits
Fiona Melville
Date: Wednesday, 4th February, 2004
Time: 6:00 pm
Venue: Eagle House, 118 Alfred Street, Milsons Point
Report on the General Monthly Meeting
by Jak Kelly
The 1122nd Ordinary General Meeting was held jointly as The Four Societies Meeting for 2004 in the Harricks' Auditorium, Ground Floor, Engineers Australia's building, Eagle House, 118 Alfred St, Milson's Point on the 4th of February. The meeting was well attended and included 20 Members and guests from the Royal Society of New South Wales. Our President along with the Presidents of the other Societies gave a brief address to Members and announced our upcoming Powerhouse meeting on the general topic of Drugs and Sport. The Four Societies Meeting was addressed by Fiona Melville of Corrs Chambers Westgarth. Her subject was Carbon Credits.
The topic is a timely one. A few countries (including Australia, Russia and the US) have yet to be persuaded to sign the Kyoto agreement on limiting the emission of green house gases into the atmosphere. "The (US) administration is a prisoner of its own determination not to do anything that would affect the lifestyle of US citizens", as Professor John Schellnhuber puts it. The pressure to face reality is however rapidly mounting in Washington.
"Altruism is praiseworthy but greed is reliable." So various schemes have now been devised with the more reliable objective of making money out of global warming, to appeal to those governments which do not respond to save-the-world arguments. One such scheme involves trading in carbon emission allowances and the speaker discussed predominantly the legislative progress that has been made in this direction.
Our speaker pointed out the 55/55 rule for Kyoto, which requires for its validation both 55% of the signatory countries and 55% of industrial countries, by 1990 emission volume. This agreement now stands at 44.2% emission volume. Russia, with 17.4%, by agreeing could make it binding even if the USA (36.1%) does not. Australia has only a total of 2.1%. President Putin supports ratification but Russia, like Australia, is under pressure from the US not to do so. Those countries which do not ratify will be excluded from trading in international carbon credits.
Carbon emission reduction programmes in Australia were discussed, many of which have government support, such as generating an additional 2% of electricity from renewable sources by 2010. A NSW initiative of allowing consumers to pay a premium for Green Power has been successful and has spread to ACT, QLD, VIC and SA. Electricity producers are now seeking power from alternative green sources to meet the demand from consumers for Green Power.
A detailed discussion of various pieces of federal and NSW emission reduction legislation and the administrative details arising from them was given. At present the NSW Abatement Certificates are the only Australian legislative carbon credit scheme. Each certificate representing 1 tonne of abated carbon dioxide equivalent. The complex rules for creating and trading these certificates were explained. Very little such trading has as yet occurred. They are of course only a local scheme. Any participation in an international Carbon Credits scheme its Australia's signing the Kyoto protocol.