Carbon Trading Scheme in Australia Delayed

Business Spectator – Rudd delays carbon trading scheme by one year because of recession

Prime Minister Kevin Rudd has delayed the emissions trading scheme by one year to July 1, 2011.

Mr Rudd said the scheme – which was previously due to start from July 2010 – had been delayed because of the impact of recession and to provide business with certainty for the future.

Mr Rudd also said the government would increase the reduction target to 25 per cent by 2020 if a global deal was struck to stabilise carbon dioxide levels by at least 450 parts per million by 2050.

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