2013-07-16. Australian Leader Scraps Tax on Carbon Emissions.

posted Jul 17, 2013, 6:20 AM by Alan Gould
For GSS Climate Change chapter 9. Excerpt:  SYDNEY, Australia — Prime Minister Kevin Rudd of Australia announced a plan Tuesday to replace a deeply unpopular tax on carbon emissions with a market-based trading system a full year ahead of schedule. ... Under the current system, Australia’s worst polluters pay a high fixed price on their carbon emissions. Since it went into effect last year ...the tax has proved wildly unpopular with big business and voters, due in part to a relentlessly negative campaign by the opposition.  The current system was supposed to remain in place until 2015, then be replaced by a system in which market mechanisms would determine the cost of producing a ton of carbon. The move to bring forward the market-based system a full year earlier is expected to quickly produce a sharp drop in the cost of carbon, from a predicted $23.30 per metric ton in July 2014 to around $5.50 per ton in American dollars.... http://www.nytimes.com/2013/07/17/world/asia/australian-leader-scraps-tax-on-carbon-emissions.html. Matt Siegel, New York Times.