Australia delays carbon emissions trading scheme by one year
Australia have announced that they are pushing back their planned carbon emissions trading scheme for one year as the global recession has made efforts like this just not possible within the current budget. This will mean that the date to begin would be July 2011.
Prime Minister Kevin Rudd said that despite the delay he could go after even tougher emissions reductions if international help was found. However, businesses say that the delay will only lead to job losses. Australia currently has the highest per capita emissions in the world and coal is its biggest export.
"The worst global recession since the great depression means we must adapt our climate change measures but not abandon them," he said.
A one-year fixed price period would be introduced for the first year, he said, with carbon permits costing A$10 ($7, £5) per tonne, followed by a floating price until July 2013.
"This, we believe represents an appropriate response to current uncertainty," he said.
The previous target was between 5 and 15 percent, but Prime Minister Rudd said that it could be increased up to 25 percent now.