Clean Energy Future

Global challenges presented by climate change and a growing need to work together were among key topics discussed today at climate talks in Seoul, Korea.

The Minister for Climate Change and Energy Efficiency, Greg Combet, and the Republic of Korea’s Environment Minister Yoo Young both agreed that markets had an important role to play in achieving substantial reductions in greenhouse gas emissions in the most cost-effective way.

Both Australia and the Republic of Korea share many of the same views on climate change with each country listed among the top 20 greenhouse gas emitters globally. It is a shared sentiment that carbon pricing through emissions trading is the most efficient way of reducing emissions.

“By working together on the challenge of climate change, Korea and Australia can also further enhance our trading relationship, through renewable and low emissions technologies and other low carbon growth strategies,” said Mr Combet.

The Korean Government is currently considering legislation to introduce an emissions trading scheme from early 2015 and this creates a strong potential to share experience in this area.

“Over time, by linking emissions trading schemes in the Asia-Pacific region, we will be able to develop common carbon prices and overcome potential competitive issues with our major trading partners in the region,” said Mr Combet.

The Ministers further agreed to establish Australia-Republic of Korea Senior Officials Talks on Climate Change and Green Growth, to commence in the second half of 2012.

The talks will focus on how Australia and Korea can work together on climate change matters of mutual interest, including: technical cooperation on the development of credible, broad, and integrated carbon markets; domestic climate action; renewable energy and energy efficiency policies; and multilateral climate negotiations.