Australian Emissions Trading Scheme becomes Carbon Pollution Reduction Scheme

The Government's eagerly awaited Green Paper on its climate change strategy was released yesterday. Following hot on the heels of Professor Garnaut's draft report, the Green Paper finally provides some clarity on the Government's approach to an Australian emissions trading scheme. The first clarification being a name change: the scheme will be known as the "Carbon Pollution Reduction Scheme" (presumably to be known as the CPRS or CPR Scheme in due course).

The Green Paper confirms that the Government's climate change strategy encompasses not only mitigation (ie reducing Australia's greenhouse gas emissions), but also covers adaptation (ie responding to climate change that cannot be avoided) and contributing to a global solution.