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Implementing Suggestions from COP27’s Solutions Day

Jiayi Gao

Abstract


This essay explores the potential benefi ts and challenges of implementing a market-based Carbon Emission Trading System in Australia’s mining sector to address the country’s peak carbon dioxide emissions. The policy aims to control greenhouse gas emission by setting limits and allowing firms to trade emission licenses. The essay discusses the advantages of this approach, including fostering technological advancements, generating revenue for companies and governments, and promoting sustainable mining practices. However, it also acknowledges potential challenges, such as administrative complexity and determining optimal carbon prices. Despite these challenges, careful design and refi nement could lead to effective climate change mitigation and align with the SURGe initiative launched during COP27’s Solutions Day.

Keywords


Carbo n emission trading; Mining; Economic benefi ts; Sustainable development; Climate change mitigation

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References


[1] About Carbon Markets. (n.d.).https://www.cleanenergyregulator.gov.au/Infohub/Markets/Pages/About-Carbon-Markets.aspx

[2] Delevingne, L., Glazener, W., Grégoir, L., & Henderson, K. (2021, October 12). Climate risk and decarbonization: What every mining CEO needs to know. McKinsey & Company.https://www.mckinsey.com/capabilities/sustainability/our-insights/climate-riskanddecarbonization-what-every-mining-ceo-needs-to-know

[3] F. (2022, October 21). An overview of carbon emissions, net- zero and decarbonisation. FairSupply.https://fairsupply.com.au/carbon-emissions-net-zero decarbonisationoverview/?utm_source=google

[4] IEEFA Update: Why Australia is a bigger carbon pariah than we think | IEEFA. (n.d.). https://ieefa.org/resources/ieefa-update-why-australia-bigger-carbon-pariah-we-think

[5] ShieldSquare Captcha. (n.d.).https://www.globaldata.com/data-insights/mining/totalghg-emissions-of-major-metals-and-mining-companies-worldwide-by-revenue-2090961/

[6] The Economist. (2022, May 26). Carbon markets are going global.https://www.economist.com/finance-and-economics/2022/05/26/carbon-markets-aregoing-global

[7] Varian, Hal R., author. (2014). Intermediate microeconomics: a modern approach. New York: W.W. Norton & Company. Page: 435,436




DOI: http://dx.doi.org/10.18686/ahe.v7i23.9832

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