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Climate Change Policy: Challenges for Legal Reform Dr Nicola Durrant Vice-Chancellor’s Research Fellow/Senior Lecturer Faculty of Law & Institute for Sustainable Resources Queensland University of Technology [email protected] isr Institute for Sustainable Resources CRICOS No. 00213J The International Response to Climate Change isr Institute for Sustainable Resources CRICOS No. 00213J Drivers behind the Australian legal response: Flexible & cost-effective global reductions in greenhouse gas emissions Clean Development Mechanism (CDM). Implementation of emissions reduction projects in developing countries. Joint Implementation (JI). Implementation of emissions reduction projects within developed party countries. International Emissions Trading. Purchase & Sale of Allowances by authorised entities. Select the Liable Entities Set the Market Cap Carbon Pricing Mechanism Consider Assistance Measures Import of Kyoto Protocol units? The Carbon Price Signal: requires a regulatory restriction on the release of emissions to the atmosphere tradeable emissions instruments must be created a limited number of permits released to market with duty to surrender permits resulting price signal intended to influence behaviour to reduce emissions CPM Links with International Markets Fixed Price Period Flexible Price Period (with price ceiling) Flexible Price Period (w/o price ceiling) • No import of Kyoto Protocol credits • No export of Australian CPM credits • No Assigned Amount Units • No export of CPM credits • Import of eligible credits • No Assigned Amount Units • Export of Australian CPM units permitted • Import of eligible credits Use of Credible Carbon Offsets Select the Liable Entities Set the Market Cap Carbon Pricing Mechanism Establish Market Linkages Protect the tradeable permits Consider Assistance Measures Import of Kyoto Protocol units? Calls for an integrated legal response: Adaptation Responses Mitigation Measures Thank You [email protected] isr Institute for Sustainable Resources CRICOS No. 00213J