Lyn Allison (Victoria, Australian Democrats) Share this | Hansard source

I move:

That the Senate—

(a)

notes that:

(i)

the global carbon market is worth almost $40 billion a year,

(ii)

the World Bank reports that the global carbon trading market was worth approximately $28 billion in the first 9 months of 2006, compared with $13 billion in 2005,

(iii)

the Kyoto Clean Development Mechanism (CDM) market was valued at $2.9 billion for the first three quarters of 2006, and

(iv)

the United Nations Framework on Climate Change Executive Secretary, Mr Yvo de Boer, recently said the Kyoto CDMs could generate annual investment of $133 billion in ‘green investment flow to developing countries’;

(b)

recognises that joining the Kyoto Protocol now could give Australian business the chance to get early mover advantages in the booming global carbon trading market; and

(c)

calls on the Federal Government to ratify the Kyoto Protocol now, and work within the framework to encourage the United States of America to also ratify the Protocol.

Question put.