isr Institute for Sustainable Resources CRICOS No J 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

isr Institute for Sustainable Resources CRICOS No J The International Response to Climate Change

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.

Carbon Pricing Mechanism Select the Liable Entities Set the Market Cap 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 No import of Kyoto Protocol credits No export of Australian CPM credits Flexible Price Period (with price ceiling) No Assigned Amount Units No export of CPM credits Import of eligible credits Flexible Price Period (w/o price ceiling) No Assigned Amount Units Export of Australian CPM units permitted Import of eligible credits

Carbon Pricing Mechanism Select the Liable Entities Set the Market Cap Consider Assistance Measures Import of Kyoto Protocol units? Protect the tradeable permits Establish Market Linkages Use of Credible Carbon Offsets

Calls for an integrated legal response: Mitigation Measures Adaptation Responses

isr Institute for Sustainable Resources CRICOS No J Thank You