08 Nov '11, 11pm

STATEMENT: Australia Passes Historic Climate Legislation

On Tuesday, the Australian senate passed legislation that will set a price on carbon and help meet its emissions targets. The Australian government previously committed to reduce its greenhouse gas emissions by 5 percent by 2020 and 80 percent by 2050 (both below 2000 levels). Following is a statement by Jennifer Morgan, Director of WRI’s Climate and Energy Program: “Australia has joined a growing list of countries taking national action to address climate change. This law is a major step forward for this large and coal-dependent nation, demonstrating its commitment to a low-carbon economy. “Australia has set a fixed carbon price of $23 per ton, which will continue until July 2015. At that point, an emissions trading system with reduction caps will begin operating. In addition, Australia has created a new $10 billion Clean Energy Finance Corporation to invest in renewable ...

Full article: http://www.wri.org/press/2011/11/statement-australia-pass...

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