Xenophon wants carbon credits trading reserve

INDEPENDENT Senator Nick Xenophon has vowed to bring a private senators bill to parliament to create a "strategic reserve" to trade carbon credits globally, if the Abbott government does not take on his concerns.

Sen Xenophon was one of the key players, along with Clive Palmer, who negotiated a deal last week with Environment Minister Greg Hunt to secure his emissions reduction fund.

However, while four of his five demands were met, the creation of a strategic reserve to allow Australian businesses to use up to 20% of the fund to trade emissions internationally was rejected.

It was a proposal that has previously been supported by the renewable energy sector and wider business community on economic grounds.

While he previously said the government's opposition to the measure was because of "some bizarre ideological" reason, he said an international climate report released on Monday had increased the urgency of the reserve to be created.

The Intergovernmental Panel on Climate Change's report, which summarised several previous reports, found coal-fired power should be eliminated by 2100 if the world was to prevent irreversible climate change impacts.

Sen Xenophon said he was raising his concerns now in the hope the government would take on the pressing need for the reserve, but if it did not, he would bring on the private senators bill early next year.

- APN NEWSDESK


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