I recognise that your attendance reflects your keen interest in pursuing a business-friendly emissions trading regime. Such a regime could harness the power of the market to provide Australian industry with cost-effective solutions to emission abatement. The future of emissions trading is almost here. In the short time remaining, before November, we will need to work together if we are to present a common front in the international negotiations. This is a time for cooperative effort, sound analysis and the development of practical solutions if we are build a framework for emissions trading that is business-friendly.
Business is afterall a key stakeholder in global environment negotiations.
My government has always been a strong supporter of market-driven outcomes. We recognise that markets often know better than governments. We also recognise that harnessing market power will allow for low-cost 'greening of the market'. The Kyoto outcome has, I believe, the potential to deliver on both fronts. The challenge was never simply to negotiate a treaty.