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Brooks Wilson's Economics Blog: Australian Senate Rejects Cap and Trade Legislation

Thursday, August 13, 2009

Australian Senate Rejects Cap and Trade Legislation

Other countries must follow the lead of the United States in passing cap and trade legislation if its efforts are to be effective in reducing carbon emissions.  Otherwise, citizens of the United States will pay a step price for a program with few if any benefits.  Gemma Daley of Bloomberg writes in "Australian Senate Rejects Rudd’s Cap and Trade Emissions Plan," that the Australian Senate has voted against cap and trade legislation proposed by Prime Minister Kevin Rudd.
Aug. 13 (Bloomberg) -- Australia’s Senate rejected the government’s climate-change legislation, forcing Prime Minister Kevin Rudd to amend the bill or call an early election.

Senators voted 42 to 30 against the law, which included plans for a carbon trading system similar to one used in Europe. Australia, the world’s biggest coal exporter, was proposing to reduce greenhouse gases by between 5 percent and 15 percent of 2000 levels in the next decade.

Rudd, who needs support from seven senators outside the government to pass laws through the upper house, can resubmit the bill after making amendments. A second rejection after a three-month span would give him a trigger to call an election.

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