Australia's House of Representatives passes key climate bill
Australia got one step closer to implementing a carbon trading scheme today as the lower legislative house narrowly passed an essential package of bills with 74 votes against 72.
The law will now go to the Senate, where it is expected to pass with ease as the ruling coalition holds a comfortable majority. The law calls for the implementation of a carbon tax of AU$ 23 on the country’s 500 biggest polluters from July 2012, which then in July 2015 will develop into a trading scheme with a floating price. When this happens, participants are allowed to use CERs for compliance to an amount equal to 50% of their compliance needs.
Singapore October 12th, 2011