Negotiations have begun between the EU and Australia to create a 'common carbon trading scheme' by 2018, ministers have announced. Greg Combet, the Australian Climate Change Minister, in a joint statement with European Commissioner for Climate Action Connie Hedegaard, said that a two-way link between the two cap and trade schemes would begin before 1st July 2018; resulting in the world's largest carbon market. If the scheme goes ahead, companies in the EU would be able to reach their carbon goals by buying Australian-generated emissions credits - with Australian businesses able to do the same from 1st July 2015. From this time, the price of Australian carbon will drop from the proposed A$15 to the same level as that set by the European scheme. The deal, as Business Green has reported, represents a huge milestone for the global carbon market and considerably increases the extent to which companies worldwide have to consider the carbon price when planning investments.