Isramart : Australia rejects carbon trade bill

Isramart news:
Australia’s parliament has rejected a bill proposed by Prime Minister Kevin Rudd on carbon emissions, dashing hopes of having the legislation passed ahead of next week’s Copenhagen summit on climate change.

The Emissions Trading Scheme is part of a package aimed at reducing Australia’s carbon emissions by up to 25 percent below 2000 levels by 2020. Australia has the highest per-capita carbon emissions among developed nations.

The “cap and trade” carbon scheme would have forced big polluters, especially in the coal and electricity sectors, to buy carbon emission permits. Rising permit prices would act as an incentive to reduce greenhouse gases.

The vote came a day after the opposition Liberal Party ousted its leader, Malcolm Turnbull, who had pledged to back the bill. His party objected, revolted against his standpoint and replaced him; it then went on to reject the bill.

The government plans to re-introduce the carbon trade bill in February to give the opposition Liberal Party one more chance to consider supporting the scheme. The carbon-trade legislation was rejected once before in August.