The Prime Minister, John Howard, today committed his government to introducing an emissions trading scheme.

Howard said the government would set a long-term emissions target in 2008.

Addressing the Melbourne Press Club at the Hyatt Hotel, Howard also outlined a series of measures costing $627 million over the next five years “that reinforce our commitment to tackling global warming”.

Howard said: “Being among the first movers on carbon trading in this region will bring new opportunities and we intend to grasp them. The Government will examine how to ensure that Australia becomes a carbon trading hub in the Asia-Pacific region. Of course, an emissions trading scheme is only one part of a comprehensive long-term climate change policy framework. There is no magic green bullet. Low-carbon technologies remain the key to an effective response that minimises the costs of limiting emissions.” [Read more…]