EMISSIONS-TRADING & ENERGY HIGH ON APEC AGENDA

Australia's Prime Minister John Howard proposed the trading system the Ministers are now considering that will be decided on by the leaders. Howard's proposal carries more credibility for being put forward by a reformed opponent of emissions trading, one who vows to protect business and the economy.

APEC finance ministers to talk climate change, energy
Neil Sands, July 31, 2007 (AFP via Yahoo News)
and
Market-based carbon trading plan wins support
David Uren, August 4, 2007 (The Australian)

WHO
Finance ministers, Asia Pacific Economic Cooperation; Peter Costello, Australian Treasurer; Henry Paulson, US SecTreas;

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WHAT
The ministers have agreed on an emissions-trading system for the APEC leaders’ summit in Sydney, Australia, next month to consider. The system was put forward is Australia’s and protects economic and growth considerations . This is important because the 21-nation group includes Australia, the US and China, 3 of the biggest economies in the world who have yet to take cooperative action against climate change.

WHEN
- Meeting opened August 2.
- Leaders’ meeting in September amid heavy security.

WHERE
- Australian resort town of Coolum in the state of Queensland.
- The 21 APEC economies (1/3 of world population): Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, United States and Vietnam.

WHY
- It has been reported that the APEC region confronts critical energy infrastructure needs of $7 trillion over the coming 3 decades.
- US Secretary of the Treasury Henry Paulson was conspicuous by his absence. World Bank President Bob Zoellick and representatives of Asian Development Bank and the International Monetary Fund attended.
- China’s Finance minister claims China accepts the idea of emissions-trading and control but asserts the biggest responsibility is on developed nations.

If Australia's Prime Minister Howard plays his cards right, he can deal his country into the most important emissions trading system in the world.

QUOTES
- Peter Costello, Australian Treasurer & host: "We (APEC) have the world's biggest emitters -- China and the United States…if we can get an agreement on principles for managing carbon emissions and cooperation across the world's major economies would be a really good step forward…How do developing countries such as China secure the energy which they'll need to drive their growth forward in the decades that lie ahead?"
- Costello: "For the first time…we have put these issues on the agenda and we linked them…It will be a natural thing for Canada to extend their scheme eventually through the Americas, the United States and Mexico…I think in Australia, we could get engagement with some of the more local countries and then…possibly one day go globally… "
- Chinese Finance Minister Jin Renqing: "Greenhouse gas is a serious challenge for us, but the source of most of the greenhouse gas produced came from developed countries…Although China is now the biggest consumer of oil in the world, the per capita petrol consumption in China is one of the lowest in the world."