Australia to Implement Carbon Trading Scheme by 2010
Following in the steps of the EU and their Emission Trading Scheme, Australia will be implementing a their own by 2010. Announced Monday by the Minister for Climate Change, Penny Wong, the national scheme would “constitute the most significant economic and structural reform undertaken in Australia since the trade liberalization of the 1980s.”
Often it is hard to understand just what a trading scheme is all about, but I finally found it explained simply and clearly. The AFP wrote; ‘Emissions trading schemes place a limit on the amount of greenhouse gas pollution which companies can produce, forcing heavy polluters to buy credits from companies that pollute less — thereby creating financial incentives to fight global warming.’
