CLIMATE CHANGE AND THE PETROLEUM PRODUCTION INDUSTRY—NEW CHALLENGES AND NEW OPPORTUNITIES

Abstract

This paper discusses developments in the international climate change agenda and the consequent impacts and opportunities this creates for Australia. The Framework Convention on Climate Change has just entered into force, which imposes a range of commitments on Australia. Australia needs to participate actively in the international negotiations on the Convention's implementation to ensure that its interests are protected. The National Greenhouse Response Strategy provides the basis for Australia's response to climate change. The Petroleum Exploration Industry has scope to take 'no regrets' actions to reduce its greenhouse gas emissions as well as an incentive to do so to enhance its public image as a good environmental citizen.