The City of Melbourne is joining the Chicago Climate Exchange. Under the program, Melbourne will make a commitment to reduce its baseline greenhouse gas emissions. Melbourne is the first city outside the U.S. to join.
Melbourne officials say that establishing a city-based emissions trading scheme is a key recommendation of its Zero Net Emissions by 2020 strategy. The move will also prepare Melbourne for involvement in any future Australian emissions trading schemes.
Membership also provides Council with the potential to sell carbon credits should it choose to in the future.
Melbourne Environment Committee chair Cr Fraser Brindley said membership of the Exchange would require Council to adopt more rigorous reporting methods that would result in a larger emissions profile. “We have decided to take the short term pain in order to get the long term benefits of a tighter reporting system and, of course, the knowledge and experience gained through membership of the Exchange,” he said.