bloomberg.com – Oct. 31, 2006:

Australian Industry Minister Ian Macfarlane said the nation wouldn’t sign the Kyoto Protocol, following a report from U.K. Treasury economist Nicholas Stern about emissions-trading.

Emission-trading systems from around the world could be linked using a pool of credits created under the 1997 Kyoto Protocol, creating a global carbon price, the report said.

“Kyoto is a scheme that will fail dismally to reach the targets,” Macfarlane told Nine Network television today. “Australia will be the only country in the world without nuclear energy that will reach the Kyoto target.”

Treasurer Peter Costello said there was “no point” in Australia, which accounts for one percent of global emissions, signing an agreement that did not include “major emitters”, like India and China.

“The biggest issue here is to get countries like China and India and other countries, which have huge impacts on the globe, into these international arrangements,” Costello told Australian Broadcasting Corp. radio. “The most significant thing internationally which I think we have to do is we have to bring all of the countries into emissions targeting.”