| Even more than the carbon tax itself, the central mechanism of the Gillard government's clean energy bills now making their way through parliament is the international carbon trading market.
Although the carbon tax will cost Australians $9 billion in its first year, our greenhouse emissions continue to rise under the tax. We hit our target of a 5 per cent reduction mainly by buying carbon credits on the international market, which the government assumes will be functioning by 2016...............................................Full Article: Source
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