For Australian business, the debate is no longer about the science of climate change. Nor are there any “ifs” about the low carbon future. In July 2008 the Australian Federal Government released the Carbon Pollution Reduction Scheme (CPRS) Green Paper setting out a broad policy framework for reducing emissions. Draft exposure legislation will be published in December, and the fi rst compliance period is due to commence on 1 July 2010. By the end of December 2011, Australian companies are expected to have surrendered more than $8 billion worth of carbon assets to the Commonwealth.