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Westpac & AGL Partner on Carbon Trading

Westpac announced another first for the bank and for Australia recently, by taking part in a carbon trade with energy company AGL. The trade is the first to be conducted under the forthcoming Australian Emissions Trading Scheme (AETS), which for the first time establishes a price for carbon allowances to be traded.

Under the deal, Westpac purchased 10,000 tonnes of Carbon Dioxide equivalent (CO2-e) from AGL for delivery in February 2012 at a price of $19 per ton. At the end of a year, companies that have generated more emissions than their permits allow will have to enter the market and buy additional permits to match their emissions, or face stiff financial penalties. Companies which have generated fewer emissions can sell their remaining permits to generate additional revenue.

Read more from Westpac.

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