Australia should start at once on establishing a "cap and trade" emissions trading system, a government climate change task group has recommended.
Peter Shergold, chair of the prime minister's task group on emissions trading, said it would take 3-½ years to establish such a system in Australia.
Carbon trading could begin in 2012, he said today.
"Australia should convert to a cap and trade emissions trading system," Dr Shergold said the task group had concluded.
"It comes to the position that we should start at once."
Dr Shergold said work should begin on setting targets, establishing emissions monitoring systems, creating legislation, setting up an independent regulator, allocating permits and engaging international partners.
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