| After years of political bickering, Australia has finally passed a carbon tax law in light of this month's global climate talks in South Africa. As one of the most important environmental and economic reforms in the country's history, the law will aim to cut emissions by at least 5 percent of 2000 levels (159 million tons) by 2020 in one of the world's top 20 polluting countries.
The top 500 polluters in Australia will be required to pay a tax on their carbon emissions for each ton of carbon dioxide emitted from July 2012 onward. Through 2012, there will be a fixed carbon tax of A$23 ($23.78) per ton, followed by an emissions trading scheme to start in July 2015.............................................Full Article: Source
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