| After imposing the highest carbon tax in the world, Australia was primed to become the first developed nation to test the idea that a link with the European Emissions Trading System would lead to a functioning global cap-and-trade CO2 market and more efficient carbon abatement.
Then last fall the Labor Party lost the parliamentary election, and the new government is embarking on a climate policy experiment of its own. While eliminating the carbon tax, dismantling many of the green programs of the previous government and officially banning Australian carbon polluters from buying carbon credits outside the country, the new coalition nevertheless reaffirmed the country's pledge to cut emissions by 5 percent below 2000 levels by 2020...............................................Full Article: Source
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