Carbon Markets Face Uphill Climb As Australia Rethinks Role

Law360, New York (September 12, 2013, 6:14 PM ET) -- Australian Prime Minister-elect Tony Abbott's vow to scrap the country's carbon pricing system is a blow to global efforts to tackle climate change by linking the emissions schemes of various countries, experts say, and may hamper the development of existing carbon markets as far away as California and the European Union.

Abbott's political coalition was the big winner in Australia's national elections Saturday, booting Prime Minister Kevin Rudd and his Labor government, the architects of a carbon pricing scheme enacted two years ago. The system currently...
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