July 6, 2012
After years of controversial political debate, China has its carbon tax!
It has taken the courage of Julia Gillard, the socialist prime minister since 2010, to get there.
As of July 1. 2012, 294 companies and municipal councils will be subject to a A$ 23 tax per ton of C02. That is more than twice the level that EU greenhouse gas emitters presently have to pay under the prevailing cap-and trade system!
The tax rates will be lifted to A$ 24 in 2013 and A$ 25 in 2014. As of 2015 the system will be transformed into a cap-and trade system like the one in force in the EU.
The scheme will cover almost two thirds of Australian C02 emissions, especially those from coal power plants and heavy industries. Agriculture will be exempt, as it is in the EU. Transport will be covered by changes of the fuel tax regime and new provisions for […]