Details here at news.com.au
Meanwhile, let’s all sleep in tomorrow.
INTRODUCTION of the Federal Government’s emissions trading scheme has been delayed until mid-2011, 12 months later than originally planned.
Prime Minister Kevin Rudd made the announcement in Canberra today, saying the Government had also decided to increase the upper limit of its carbon reduction target range to 25 per cent of 2000 emission levels by 2020.
The Government had planned to introduce the scheme in July 2010 despite opposition from business, green groups and the Coalition.
Legislation setting up the scheme was due to be introduced to Parliament next month.
The announcement follows a decision by the Australian Greens to compromise and lower their demand for a 40 per cut in carbon emissions to 25 per cent.
Mr Rudd said the “significant” changes to the scheme were made because of three factors: the impact of the global financial crisis on the Australian economy; the need to provide a strong outcome at the Copenhagen (climate) meeting at the end of the year; and third, because it was in Australia’s fundamental national interest to provide “business certainty and investment certainty for the future”.
A one-year fixed price period will be introduced – permits will cost $10 per tonne of carbon in 2011-12 – with the transition to full market trading to begin on July 1, 2012.
“This, we believe, represents an appropriate response to the current uncertainty,” Mr Rudd said.