Australia’s PM has announced that Australia will be taking steps towards lowering carbon emissions in its economy; starting with a fixed carbon tax next year which will prepare the industry for a trading scheme in three to five years time. Australia emitted more than 540MtC02e in 2010 and will need to reduce by 100 to 200MtC02e per annum by 2020 to meet its reduction target. Details of the tax and trading scheme have yet to be determined. In 2010 Australia ranked as the highest global energy consumer per capita and it has consistently been ranked as having among the highest GHG emissions per capita in the world. Scott McGregor, CEO, said, “Australia’s announcement is another move on the path to a cleaner world economy. There is a global trend of multiple governments moving towards regional trading schemes to cap their emissions. This is another positive sign for the market and indicates that while waiting for an international agreement, governments will continue to pursue ways to meet their emission reduction targets through a mix of regional regulation.” After months of discussion and nearly two years of Parliamentary turmoil, Australia’s Multi-Party Climate Change Committee (MPCCC) has just introduced a proposal for Parliament for a Carbon Price Mechanism (CPM). The proposal would set a carbon price for key sectors (excluding land-use and agriculture), following key principles (notably, the polluter should pay), to set the stage, if passed by Parliament (and if supported by studies) for some form of cap-and-trade in 3 to 5 years’ time. The MPCCC see the period of carbon pricing, and the experience gained, as a way to get business and industry up the learning curve to establish a cap-and-trade system.Enquiries:Camco +44 (0)20 7121 6100Scott McGregor, Chief Executive Officer Shirona Partem, Investor Relations Singer Capital (Nominated Adviser and Broker) +44 (0)20 3205 7628Jonathan Marren M:Communications (Public Relations Advisor) Charlotte Kirkham +44 (0)20 7920 2331Elly Williamson +44 (0)20 7920 2339Patrick d'Ancona +44 (0)20 7920 2347 Notes to editors:About CamcoCamco International Limited (Camco, AIM: CAO) is a global developer of emission reductions and clean energy projects with operations in the US, the UK, China, Africa, Russia and SEA.Camco has a 20-year track record in project development, technical delivery and policy development, working with local industry, multinational companies, governments and regulatory bodies.The Carbon Project Development business has created one of the largest emission reductions portfolios and has structured groundbreaking and innovative arrangements for the sale and delivery of emission reductions to compliance and voluntary buyers.Camco's Clean Energy Project Development and Investment teams collaborate with industry, project developers, equipment providers and investor groups to create emissions-to-energy projects and maximise sustainable energy production across a range of industries; including agricultural methane, industrial energy efficiency, coal mine methane, municipal solid waste, biomass and landfill gas.The Energy and Carbon Advisory teams provide strategic, commercial and technical expertise accrued over two decades to deliver low carbon energy and sustainable development solutions.www.camcoglobal.com