Originally published January 8 2006
Western Australia now owns and trades carbon credits with the international community
by Mike Adams, the Health Ranger, NaturalNews Editor
In Australia, Koorda farmer Gerry Pauley and investors from the Kansai Electric Company have signed a carbon credit agreement, marking the beginning of carbon credit ownership and trading in Australia, after state legislation authorized the practices, which were established under the Kyoto Protocol.
A CELEBRATION last Tuesday marked the first signing of a carbon credit agreement between Koorda farmer Gerry Pauley and investors from the Kansai Electric Company.
The historic signing comes after the State Government passed legislation for individuals to 'own' carbon credits under the Kyoto Protocol.
Carbon credits represent a 'bank' of environmental 'points,' which are used to offset fossil fuel production, which is damaging to the environment.
They can be traded internationally, and are valuable to signatories to the Kyoto Protocol.
Unfortunately, while Australia is not part of the protocol, the credits cannot be traded.
Parliamentary Secretary to the Minister for Agriculture and Forestry Tony McRae said the agreement would help create a sustainable Western Australia and would bring new wealth to rural communities.
"This is a significant achievement between Kansai Electric Company and the State of Western Australia," he said.
Kansai Electric Company environment group chief manager Yuichi Inoue said the project aimed to protect the earth by preventing global warming, and protect the local environment by preventing salinisation.
"Unfortunately, you cannot gain credits from the carbon," he said.
According to Oil Mallee Company director Tym Duncanson, the oil mallee crop produces energy, is environmentally valuable and the by-product, eucaplytus oil, may be marketable.
Its smell and taste make it unattractive to grazing animals.
Already used for its pharmaceutical and cleaning properties, eucalyptus oil may be useful in fibreboard, liquid fuel and biomass fuel, research shows.
Mr Duncanson said Australia could lead the world in this type of trade.
It has a stable social and political climate, so it is safe for investors.
It has vast areas of cheap land to rent.
It has an environmental imperative, being the world's driest continent.
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