Business View Oceania | Volume 3, Issue 11

3 4 BUSINESS VIEW OCEANIA VOLUME 3, ISSUE 11 BUSINESS VIEW OCEANIA VOLUME 3, ISSUE 11 I n April of 2021, the Australian government announced establishment of the Indo-Pacific Carbon Offsets Scheme, in a move designed to develop carbon offset strategies throughout the Indo-Pacific region and push towards zero carbon emissions by 2050. Fiji has been recognized as the first international partner to join the recently released Indo-Pacific Carbon Offsets Scheme. As of November 1st, 2021, Prime Ministers Scott Morrison (Australia) and Josaia Voreqe Bainimarama (Fiji) have signed an agreement welcoming Fiji into the scheme. In his official statement, Prime Minister Morrison said, “The partnership will see our two countries share expertise to ensure Fiji is internationally recognized as a source of high- integrity carbon mitigation outcomes. We look forward to working with Fiji, other members of our Pacific family, and Asian partners to share for the Environment (Wera Mori). Both Ministers attended the Glasgow UN Climate Change Conference in early November. Minister Taylor has shared, “The Indo-Pacific Carbon Offsets Scheme will help Australia’s private sector meet its emissions reduction targets by enabling investment in credible projects in the region that demonstrate high environmental integrity.” The Indo-Pacific Carbon Offsets Scheme aims to boost public and private investment in climate action, and to help Australia and neighboring countries throughout the region meet their international climate change commitments in a way that is economically, socially, culturally, and environmentally sustainable and viable. The scheme is expected to allow private companies to acquire carbon offsets as they are generated by partnering countries in our region, and deliver sustainable energy solutions that will assist our neighbors in growing their respective economies. The partnership will see our two countries share expertise to ensure Fiji is internationally recognized as a source of high- integrity carbon mitigation outcomes AUSTRALIA, FIJI, AND PAPUA NEW GUINEAWORK TOGETHER IN NEW CARBON OFFSETS SCHEME O p e n i n g L i n e s our expertise and drive investment in low emissions technologies.” Joining Fiji in supporting the Indo-Pacific Carbon Offsets Scheme is Papua New Guinea. The nation has agreed to become the second international partner to join the scheme, following talks between Australia’s Minister for Industry, Energy, and Emissions Reduction (Angus Taylor) and Papua New Guinea’s Minister