Australia’s climate change minister, Greg Combet, has told how cutting greenhouse gases could boost trade in green technologies during a visit to Korea.
The minister for climate change and energy efficiency said he and Korea’s Environment Minister Yoo Young-sook agreed on the importance of markets in reducing emissions during his trip to Seoul on Friday.
Combet noted that both Korea and Australia are among the top 15 greenhouse gas emitters globally, and that both countries share the view 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,” Combet said.
“With the Korean Government currently considering legislation to introduce an emissions trading scheme from early 2015, there is 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.”
To help realize this vision, the Australia-Republic of Korea Senior Officials Talks on Climate Change and Green Growth will be held in the second half of 2012.
The talks will focus on how Australia and Korea can cooperate on the development of carbon markets, domestic climate action, energy policies, and multilateral climate negotiations.