08 Nov '11, 4pm

Australian parliament passes landmark tax on carbon emissions #australia #carbontax

08 Nov 2011: Australian Parliament Passes Landmark Tax on Carbon Emissions The Australian government has passed the world’s first tax on carbon emissions , a landmark reform proponents say will promote better energy efficiency and increased reliance on renewable sources of energy, while also significantly cutting air pollution. The legislation, which was passed by the Senate in a Getty Images Julia Gillard 36-32 vote, will require the nation’s 500 biggest carbon emitters to pay a price of 23 Australian dollars ($23.78 U.S.) per ton of carbon beginning in July 2012. It then will shift to an emissions trading scheme beginning in 2015. Those companies — most of which are electricity generators, heavy industry manufacturers, and mining companies — will need to obtain a permit for each ton of carbon they emit. According to government officials, the new tax will reduce carbon em...

Full article: http://e360.yale.edu/digest/australian_parliament_passes_...

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