CANBERRA, Dec 15 (Reuters) - Australia on Monday committed to start the most sweeping carbon trade scheme outside Europe in mid-2010, as planned, despite business calls for a delay due to the global financial crisis. Climate Change Minister Penny Wong set a target range to cut Australia's greenhouse gas emissions by between 5 and 15 percent by 2020, based on year 2000 levels, to give Australia flexibility in global talks for emission cuts beyond 2012. KEY POINTS: For a summary of the scheme, double click on [nSYD361609] COMMENTARY: MARTIJN WILDER, PARTNER, BAKER & MCKENZIE, SYDNEY "In the context of the 20 percent by 2020 target announced by the Europeans on Friday and the 25-to-40 percent cuts by 2020 supported by Australia in Bali, the proposed scheme is disappointing in terms of the levels of reductions required as set down by the IPCC (U.N. Climate Panel). By adopting a A$40 price cap, it will provide companies with certainty as to their compliance cost but it also enables companies to buy their way out of compliance, in circumstances where the carbon price breaks the $40 ceiling. The government will then need to ensure reductions are achieved elsewhere if the scheme target is to met." GARY COX, HEAD OF ENVIRONMENTAL DERIVATIVES, NEWEDGE GROUP "The document was much as expected -- you could say that the decision came down to a choice between the enviroment and the economy and at this stage it looks like the economy has won. "The regrettable thing from what I've read of the white paper so far is that it hasn't suddenly cleared the way for sensible trading as there seems to me a number of issues still to resolve - the mere fact that they've come out with a 5-15 percent target range in the first decade creates some uncertainty." DAMIEN LAWSON, CLIMATE COORDINATOR, FRIENDS OF THE EARTH AUSTRALIA "The Carbon Pollution Reduction Scheme, announced by the government, is a polluters paradise. "The targets, if adopted globally, would not only kill the Great Barrier Reef and (Australia's) Murray Darling (river system) but would spell disaster for hundreds of millions of people." BRETT JANISSEN, EXECUTIVE MANAGER, ASIA-PACIFIC EMISSIONS TRADING FORUM "I think it could be a little weak. Even though the rhetoric is there in terms of a A$25 carbon price, I just don't see they've put the mechanism or constraint in place to achieve that and so it is kind of the structure of an emissions trading scheme without the incentives. "I think it could be a bit of damp squib in terms of the actual carbon price that this scheme will generate in the early years." BELINDA ROBINSON, CEO, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION "There's no doubt that this has come a long way since the model was outlined in the Green paper. For that the LNG (liquefied natural gas) industry is very pleased and for that, we think Australia should be pleased, because it's the LNG industry that represents Australia's best chance for assisting the rest of the world reduce its greenhouse gas emissions." SEAN LUCY, DIRECTOR OF NABCAPITAL'S CARBON SOLUTIONS GROUP "Business as usual for carbon is over. It's now time for regulated businesses in Australia, regardless of their industry or their view, to start managing carbon fundamentals. From the release of the white paper, nabCapital's initial analysis suggests a carbon price of sub A$20 at scheme commencement and A$40-50 by 2020." JOHN HEPBURN, GREENPEACE CLIMATE CHANGE CAMPAIGNER "It's a total and utter failure. It's madness. Kevin Rudd has betrayed everyone that has voted for climate action at the last election and he is betraying future generations who are going to live with the impact of this decision. There were expectations it would be low but nobody thought it would be this low. Climate change is happening much faster than people thought. Five percent, which is what we are looking at, is an outrage." BACKGROUND: For a factbox on Australia's carbon footprint, double click on [nSYD384549] For a timeline for Australia's carbon trading plans, double click on [nSYD361788] For a factbox on which Australian firms could be affected by the new scheme, double click on [nSYD357497]. For Reuters' full coverage of the carbon trading debate in Australia and New Zealand, double click on [ID:SYD32519]. For details of the European Union's carbon emissions deal agreed on Dec 12, double click on [ID:nLB277212]. For full Reuters carbon pricing data, double click on <EMISSIONS>
A destroyed bulldozer is seen at a burned area in the forest at the coastal town of Laguna Verde, some 115 km (71 miles) northwest of Santiago, in this March 6, ...
