The Australian Government has committed to implementing a comprehensive national emissions trading scheme by 2010.

Emissions trading is central to achieving the Government’s goal of reducing Australia’s greenhouse gas emissions by 60 per cent by 2050.

A detailed timetable for the introduction of emissions trading announced by Federal Climate Change Minister Senator Penny Wong includes several important stages:

• March to June 2008: Phase 1 consultations on technical issues with industry and non-government groups
• July 2008: public release of a Green Paper on emissions trading design, drawing on preliminary consultations
• July to December 2008: Phase 2 consultation on the Green Paper
• December 2008: public release of exposure draft of legislative package
• End 2008: firm indication by Government of planned medium-term trajectory for the scheme
• December 2008 to February 2009: Phase 3 consultation on exposure draft legislation package
• March 2009: Bill introduced into Parliament
• Mid-2009: Government aims to achieve passage of bill by Parliament at this time
• During 2009: Phase 4 consultation on emissions trading regulations
• Third quarter 2009: Act enters into force, scheme regulator established
• 2010: emissions trading scheme will commence.