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Australian carbon exchange |
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Australia's carbon trading exchange became operational on 23rd July, 2007. It was launched by Australian Climate Exchange in partnership with Australian Pacific Exchange .
First voluntary emission reductions or VERs were traded on Australian carbon exchange at 12:01 pm on 23rd July, 2007. Nearly 1600 metric tonnes of VERs accredited by Australian Greenhouse Office were traded at A$8.5 per one metric tonne of carbon.
First buyer
M2 Telecommunications Group Ltd became the first buyers on Australian carbon exchange. It placed orders for buying carbon offsets. At that point in time, managing director of M2 Communications, Vaughan Bowen, commented that it was every sector's responsibility to contribute towards sustainability of earth's environment.
Australian Climate Exchange
Australian Climate Exchange was established by two executives who hailed from Australia's leading oil and gas company. The idea of establishing an Australian climate exchange was conceived in July 2005 and it officially came into being in December.
Australian Climate Exchange (ACX) has gained vast experience on matters related to national and international carbon markets. Since its establishment, ACX has been playing multifarious roles including that of a broker, liquidity provider, trader, and regulator. This experience has enabled ACX to offer strategic advice to corporates and government organizations.
Australian Pacific Exchange
Australian Pacific Exchange was launched in 1997. Sigma Company, a pharmaceutical manufacturer, was first listed on the exchange. Australian Pacific Exchange was established as an exempt market and its operations were managed by Austock group.
Australian carbon exchange prospects
After US, UK, and Japan, ACX exchange became world's 4th voluntary market. Prospects of Australian carbon exchange look bright with individuals and corporations world over showing a keen interest in reducing greenhouse emissions.
Carbon trading is likely to bring down emission levels of greenhouse gases. It also offers lucrative opportunities for businesses which practice clean and environment friendly operations. Businesses that exceed specified level of emissions can offset it by buying carbon credits.
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