Today I announce the establishment of a joint government business Prime Ministerial Task Group on emissions trading.
As a world community we need to find new practical global solutions to climate change that include all major economies and emitters and that take account of national goals for economic prosperity, energy security and environmental sustainability.
Australia is blessed with abundant coal, gas and uranium reserves and significant renewable assets. In assessing Australia's further contribution to reducing greenhouse gas emissions these advantages must be preserved.
While there is no one single solution to the global climate change challenge we need to maintain the prosperity that our abundant fossil fuels have given us while at the same time exploring options for global climate change solutions and accelerating the development and deployment of low emissions and clean coal technologies.
It is against this background that I have established a joint government business Task Group to advise on the nature and design of a workable global emissions trading system in which Australia would be able to participate. The Task Group will advise and report on additional steps that might be taken, in Australia, consistent with the goal of establishing such a system.
The Terms of Reference for the Prime Ministerial Task Group are attached.
The Task Group will be chaired by Dr Peter Shergold, Secretary of the Department of the Prime Minister and Cabinet. The other members of the Task Group include:
Mr David Borthwick, Secretary, Department of the Environment and Heritage Mr Peter Coates, Executive Committee Member, Xstrata Mr Tony Concannon, Managing Director, International Power Dr Ken Henry, Secretary, The Treasury
Mr Russell Higgins, Non-Executive Company Director Australian Pipeline Trust Ms Margaret Jackson, Chairman, Qantas Mr Michael L'Estrange, Secretary, Department of Foreign Affairs and Trade Mr Chris Lynch, Executive Director, BHP Billiton
Mr John Marlay, Chief Executive Officer, Alumina Limited Mr Mark Paterson, Secretary, Department of Industry, Tourism and Resource Mr John Stewart, Managing Director, National Australia Bank
The joint government industry Task Group will be supported by a joint whole-of-government and business secretariat located in the Department of the Prime Minister and Cabinet.
The Task Group will hold its first meeting this month and report back to me by 31 May 2007.
PRIME MINISTERIAL TASK GROUP ON EMISSIONS TRADING
TERMS OF REFERENCE
Australia enjoys major competitive advantages through the possession of large reserves of fossil fuels and uranium. In assessing Australia's further contribution to reducing greenhouse gas emissions, these advantages must be preserved.
Against this background the Task Group will be asked to advise on the nature and design of a workable global emissions trading system in which Australia would be able to participate. The Task Group will advise and report on additional steps that might be taken, in Australia, consistent with the goal of establishing such a system.