User:Polly691/Rothschild Bank initiates farmers carbon trading
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Rothschild Australia, one of the leading Asia-Pacific investment banks, has developed a scheme that initiates trading in carbon credits, pre-empting the Gillard government's merge into a carbon economy. The joint venture with E3 International will provide the oppurtunity for multinational companies to purchase carbon credits in order to offset their own green house gas emissions.
The EU emissions trading scheme, announced in 2005 was hailed the beginning of the fight against climate change, that anticipated the world to follow suit. Six years later, March 2011, discussion has deemed the scheme a failure in reducing emissions, inducing fraud and profiteering, thus in urgent need for reform. In the last few months 50 million euros have been stolen in allowances due to hacking and security failures. An Australian ETS would need to ensure security and integrity in its application.
The Carbon Ring Consortium instructs businesses how to deal with a carbon economy, in buying and selling of carbon. The protocol would benefit the Australian agricultural sector where farmers owning vast amounts of trees could sell carbon credits and would enhance the incentive for environmental sustainability.
Rothschild's groundbreaking action parallels recent developments internationally and in Australian climate change policy, devising a way to legally deal with carbon as a commodity. Rothschild's framework for carbon trading remains one of few initiatives by Australian companies in developing a value for carbon, “the question is no longer if, but when the global carbon trading market will emerge,” - Rothschild CEO, Richard Martin.
If Australia is to follow Europe's lead the scheme must cater to the nations specific market and incorporate external factors such as economic change over time & the recession, as the European ETS failed to do so.
- PR newswire. "Rothschild Australia, leaders in carbon trading market" — , 22/03/2009
- Micheal Condon. "Bank accepts carbon credits as currency" — , 30/08/2002
- Ben Schiller. "Is it time to overhaul Europe's carbon trading scheme?" — , 28/04/2011
- seeker401. "Rothschild to become carbon trading kings" — , 03/09/2002