SO Australia’s carbon price cards are finally on the table.
From July next year, the Federal Government will look to price greenhouse gas emissions at $23 per tonne rising 2.5 per cent each year.
Then, in 2015, this is replaced by a cap-and-trade system with the price set by the market.
That’s the simple explanation. The devil is in the detail, of which there is an awful lot.
To make the plan politically acceptable, a complex array of exemptions, sweeteners, compensation measures and adjustments to the tax system have been negotiated.
At least 75 per cent of known fossil fuel reserves must remain in the ground to avoid catastrophic climate change, but not only are fossil fuel...