Australia (Alone Among Nations) Will Try Using Old Kyoto Credits To Evade Carbon Cuts
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Having secured excess carbon credit units under the old Kyoto Protocol, the emission reduction mechanism anterior to the Paris deal, Australia plans to use these credits to make up over half the abatement required to meet its 2030 climate target.
In a parliamentary hearing this week the Australian government department of environment and energy confirmed it was not aware of any other country that was trying to use surplus Kyoto units to meet Paris Agreement commitments. As a former Australian government negotiator, I could only cringe as I watched a former colleague defend the policy. I do not envy the task of Australian negotiators at the next UN climate talks, Cop25, who must convince every other country that they alone are “entitled” to their surplus Kyoto units.
The rules over whether governments are allowed to use old credits to cut their emissions under the Paris accord are still in contention. But Australia knows it is isolated on Kyoto carryover. This could become painfully obvious in the negotiations. It reminds me of my Maltese grandma trying to use a two-for-one coffee voucher that expired the year before. She knew it was unlikely to work, as did the waiter and everyone else in the café. I guess she thought it worth the gamble.
Australia’s gamble is 367 megatonnes of carbon units accrued under the Kyoto Protocol. If Australia gets to use these credits to meet its 2030 climate target, it will cut the country’s emissions reduction efforts in half, ultimately leaving Australia’s emissions at about the same as today’s levels. If countries close this loophole at Cop25, Australia will have to make good with new policy or purchased units. The Australia Institute’s research finds even with modest assumptions it could cost the Australian government over AU$18 billion ($12.4bn) to cover the gap. If Australian emissions continue to rise, as they have been for the last five years, the gap will be even greater.
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https://www.climatechangenews.com/2019/10/22/australia-admits-using-cringe-carbon-loophole/
