Carbon offsets have already run out of credit

Source: National Times

A key element of Prime Minister Julia Gillard’s carbon tax policy is designed to ensure that Australia reaches the target of a 5 per cent reduction in greenhouse gas emissions by 2020, not by cutting that volume in emissions from Australia, but by purchasing carbon credit offsets from other countries.

When asked recently about the purchase of offshore permits Julia Gillard said: “Yes, this is going to be an internationally-linked scheme, and so it should be.”

It is alarming that the Prime Minister has given no indication that she is aware or has any understanding of the recent history of the operations of international carbon credit markets.

Just six weeks ago, the World Bank reported that the international market in carbon credits has suffered a debilitating collapse and expressed doubt about the ongoing viability of global markets.

Read More: Carbon offsets have already run out of credit

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