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BY Tali Aaron : November 25

New Zealand Passes Carbon Trade Laws while Australia Edges Closer

australia carbon emissions


New Zealand's revised emissions trading plan passed into law on Wednesday, while neighboring Australia moved a step closer to ending a deadlock stalling its carbon-trade legislation ahead of a vote this week.

Australia's carbon-trade plan aims to cut emissions by at least 5 percent from 2000 levels by 2020, or up to 25 percent if nations agree on an ambitious climate pact during U.N. negotiations. Australia aims to put a price on every tonne of carbon dioxide emissions, giving industry an incentive to become more efficient.

New Zealand has a reduction target of between 10 and 20 percent by 2020 on 1990 levels, depending on the outcome from U.N. climate talks in Copenhagen in December.

The United States, the world's number two emitter of greenhouse gases after China, will be eyeing developments in both nations as its lawmakers make slow progress on a climate bill in the Senate.

[Read More via Reuters]

One Response to New Zealand Passes Carbon Trade Laws while Australia Edges Closer

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