An official announcement has been made concerning a partnership between Australia and the European Union (EU) over carbon trading.
And, perhaps unsurprisingly, those involved are keen to espouse the benefits of the scheme, which will see businesses across the two regions able to share unused carbon units.
European commissioner for climate action Connie Hedegaard said it is a "significant achievement" for both the EU and Australia.
"It is further evidence of strong international co-operation on climate change and will build further momentum towards establishing a robust international carbon market," she stated.
The move is thought to be appeasement for Australians who are angry about the carbon tax, ensuring there is more flexibility in the price of CO2 in the future.
A Lowry Institute survey published around the time the carbon tax was introduced revealed 63 per cent of Aussies opposed it.
Australian minister for climate change and energy efficiency Greg Combet backed the carbon scheme developments, saying it will provide the country's firms "with access to a larger market for cost-effective emission reductions".
Under the terms of the agreement, Australia will be able to use EU units to make up 50 per cent of their liabilities – although a full two-way system is not going to be enforced until 2018.
Posted by Bob Dawson