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Australian bankers association climate change seminar.

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Media Release SENATOR KERRY O’BRIEN SHADOW MINISTER FOR PRIMARY INDUSTRIES, FISHERIES AND FORESTRY AUSTRALIAN BANKERS ASSOCIATION CLIMATE CHANGE SEMINAR Shadow Minister for Primary Industries, Fisheries and Forestry Kerry O’Brien will today address a meeting of 50 senior banking executives at the Australian Bankers Association Climate Change Seminar in Sydney. “In the future both farming and forestry have the potential to play a vital role in carbon sequestration in Australia. “The combined potential of carbon sequestration from farming and forestry may allow Australia to gain a significant advantage, when compared to other advanced economies, in achieving future emission targets. “I have been consulting extensively with farming and forestry industries and their representatives over recent months and I look forward to discussing the issues with the ABA. Senator O’Brien said the government had failed to capitalise on the opportunities arising from the changing climate, particularly in relation to farming and forestry by stubbornly refusing to ratify the Kyoto Protocol. “A few months ago the Prime Minister angered the farming community when he excluded them from his Emissions Trading Taskforce. “In last week’s Budget there was nothing for farmers in relation to climate change. “In addition, in relation to Forestry Managed Investment Schemes (MIS) the Government has failed to outline a plan for water allocations." Senator O’Brien said the Government has also failed the investment community by mishandling changes to MIS.

“After failing to consult with the investment community on changes to non-forestry MIS, the Government was eventually forced to introduce a compromise 12 month extension of the scheme.

"The Howard Government's approach to non-forestry MIS has been shambolic.

"Its neglect of climate change solutions has been plain negligent," Senator O'Brien said.

16 May 2007 Contact: Senator Kerry O’Brien 0419 007 780 Martin Breen 0407 435 624