The California Air Resources Board and the Australian Clean Energy Regulator have signed a Memorandum of Understanding to guide collaboration between the agencies in addressing the global issue of climate change.
Under the agreement, the Clean Energy Regulator and the Air Resources Board will share information to develop complementary and effective market-based programs to reduce greenhouse gas emissions, and support and build on the capacity of the international carbon market.
The agreement establishes a framework for a working relationship that will mutually benefit each agency in efforts to reduce greenhouse gas emissions.
The new memorandum focuses on investing in clean energy generation and related technologies and improving market integrity to deepen collaboration between the two agencies. The two agencies will also look at ways in implementing a carbon pricing mechanism in the context of a carbon market, designing and operating systems for managing compliance credits and allowances, auctions, implementing carbon offsets including use of methodologies for quantifying and verifying offsets, among others.
Australia and CARB will also exchange information on the potential to expand their carbon markets and lower overall costs and also linking their respective carbon markets to other trading markets and emerging carbon markets.