Isra-Mart srl: The price on carbon: essentials for business Environment and Climate Change Update (Australia)

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The Federal Government announced yesterday that it will introduce a price on carbon from 1 July 2012. Each year, 500 of Australia's highest polluting businesses will be liable to pay $23 per tonne of CO2-e emitted. The $23 per tonne starting price will rise 2.5% each year until the commencement of an emissions trading scheme on 1 July 2015. The Federal Government intends to release draft legislation for public comment by 31 July 2011.

Around 60% of Australia's carbon pollution will be covered by the scheme, including pollution from electricity generation, stationary energy, waste, industrial process and fugitive emissions.