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Carbon Trading Exchange Goes Live In Australia

by Staff Writers
Sydney (AFP) July 23, 2007
Australia's first emissions trading exchange went live Monday, setting an initial price for carbon at 8.50 Australian dollars (7.50 US) a tonne, officials said. The new exchange is a joint venture between the Melbourne-based Australia Pacific Exchange (APX), a bourse specialising in small niche companies, and the Australian Climate Exchange (ACX). Trading on the ACX Electronic Emissions Trading Platform started at midday (0200 GMT) and by the end of the day 1,600 tonnes of "voluntary emissions reductions" had traded hands, closing at a price of 8.60 Australian dollars a tonne.

The first customer was telecommunications company M2 Telecommunications Group Ltd, which bought 5,000 Australian dollars worth of the credits.

"There is no tax, no penalty, no target that backs up the trading of this emissions commodity," said ACX managing director Tim Hanlin, adding it was backed up by companies' desire to respond to customers' desires.

"As this market gets deeper and we have more liquidity you will see price trends."

On the new exchange, emissions reductions are traded in minimum lots of 100 tonnes. Each is certified by a government greenhouse emissions watchdog, the Australian Greenhouse Office.

A government-sponsored carbon trading scheme is due to come into force in Australia in 2012.

Carbon credits are a system that allows a company or country that reduces its carbon-dioxide emissions below a target level to sell the extra reduction as a credit to a company or country that has not met the target level.

Source: Agence France-Presse

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