“As of today, individuals and businesses can open accounts in the Australian National Registry of Emissions Units,” Senator Wong said.

 “This will allow them to participate in the global carbon market by trading Kyoto units using the Registry.

 “The Registry will also be a crucial piece of infrastructure once the Carbon Pollution Reduction Scheme is introduced.”

 The Australian Government also today established Australia’s National Authority for the Clean Development Mechanism (CDM) and Joint Implementation (JI).

 The National Authority approves participation by businesses in CDM and JI projects under the Kyoto Protocol.

 Senator Wong said G20 leaders last week committed to stimulate investment in clean energy, renewables, and energy efficiency and provide financial and technical support for such projects in developing countries.

 “In the recent G8 declaration, key economies made it clear that they are moving towards emissions trading schemes such as the Carbon Pollution Reduction Scheme,” Senator Wong said.

 “Today’s milestones provide new opportunities for Australian businesses in the emerging global carbon market.

 “It helps them access the cost-effective abatement opportunities that exist internationally.

 “A robust global carbon market will mean that carbon pollution reductions occur first in the countries and sectors with the lowest-cost abatement opportunities. This reduces the costs – for the world and for Australia – of achieving the emissions reductions that the world needs.”