FinSoul believes that the Australian government has announced that it intends sticking with plans to reintroduce legislation in February 2010, aiming to create a national carbon emissions market even after the contentious bill had been rejected by the Senate for the 2nd time at the last political session of 2009.
“The parliament meets at the beginning of February and we will be putting the legislation again to the parliament,”
The bill proposes a carbon scheme similar to the European Unions Emissions Trading Scheme, which is likely to raise average household costs by A$624 ($556) and increase the cost of utilities such as electricity the minister said, citing recent Treasury information. The opposition leader who accepted his post on the day prior to the Senates most recent rejection of the bill argues that the proposal will increase costs by A$1,100 and will have no impact on climate change.
FinSoul understands that the Finance Minister was quoted as adding, “The rise in electricity prices will create an incentive for people to switch to other forms of power, the purpose to the scheme though is to put pressure on households to conserve electricity.”
Australia currently is the globes largest coal exporter and while the U.S. is the largest greenhouse gas producer among developed nations, Australia has overtaken it as the biggest per capita emitter of carbon dioxide according to recent analysis.
