SYDNEY, March 27 (Xinhua) -- Australia looks forward to working with major emerging economies such as China and South Korea on the development of an Asia-Pacific carbon market, Australian Climate Change Minister Greg Combet said on Wednesday.
As part of the annual Australia-China Ministerial Dialogue on Climate Change, Combet and Xie Zhenhua, the vice chairman of China' s National Development and Reform Commission took part in the Australia China Climate Change Forum at the University of New South Wales on Wednesday.
"Australia has been working very closely with China on the development of its pilot and national emissions trading schemes over the past two years," Combet said in statement.
He says China's national carbon market plans are comprehensive and will be a very important development for the global carbon market.
"Once up and running, it will be the largest emissions trading scheme in the world," Combet said.
He says Australia has a responsibility to reduce its emissions and to play a strong role in global efforts to tackle climate change, including through bilateral initiatives with key trading partners like China.
"In the future, we would like to work towards the development of an Asia-Pacific carbon market including major emerging economies like China and South Korea," Combet said.
"This would expand coverage of the carbon market, provide more low-cost abatement opportunities and reduce the possibility of carbon leakage."