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The ministers agreed on the importance of taking action now to address climate change.

Today’s meeting followed a meeting earlier this month between Prime Ministers Rudd and Key, who emphasised the importance of a successful Copenhagen climate change conference in December and agreed on the desirability of harmonising to the greatest extent possible the emissions reduction regimes in both countries.

Australia and New Zealand have agreed on terms of reference to explore harmonising the design of the Carbon Pollution Reduction Scheme and the New Zealand Emissions Trading Scheme.

Senator Wong said a trans-Tasman working group would report to governments on options to harmonise the two schemes to reduce costs for industries in both countries.

“Given the large number of firms operating in both jurisdictions, investigating options to harmonise our schemes is a priority,” Senator Wong said.

“Australia is working to coordinate its efforts to help shape a global solution to climate change with other countries and today's meeting continues the strong spirit of cooperation that we have established with New Zealand through the Australia-New Zealand Bilateral Climate Change Partnership.

“This is one way that Australia and New Zealand can continue to work closely together to build a comprehensive post-2012 global agreement to reduce greenhouse gas emissions.”

Dr Smith said: “We know that failure to act on climate change is not an option. This is a very positive step towards closer cooperation between our countries’ schemes to reduce carbon pollution.

“We’ll need to look closely at all the costs and benefits to both economies from harmonising scheme design, including adopting a single carbon pollution reduction scheme. Any harmonisation of our respective schemes would have to be beneficial to both countries. Close trans-Tasman collaboration will be important in getting the best outcome for both countries.”

 

Source: NZ Government media release