Carbon Reporting and Emissions Trading in Australia have emerged from seeming unlikely in 2007 to mandatory reporting in place on 1 July 2008, with the onus on corporations to determine whether or not they must report, and the possibility of Carbon Trading in place in Australia and in the USA by 2010. To date, much of the public discussion has centred on the financial aspects of a Carbon Tax or Emissions Trading Scheme. But real challenges exist in determining and measuring the emissions that the financial community seek to trade, and understanding of the details at even the highest level of the business community is not strong.

Examples from Australian industries will be used to explain the challenges of understanding greenhouse gas emissions and their regulation; how the sources of emissions can sometimes surprise; the challenges in emissions measurement; and how Chemistry and Chemical Engineering skills are key contributors to overcoming these challenges.