Australia Swaps Penalties For Rewards In New Carbon Plan

Law360, New York (April 24, 2014, 2:16 PM ET) -- Australian Prime Minister Tony Abbott’s administration released a climate change action plan Thursday that would create an AU$2.6 billion (US$2.4 billion) government fund for private emission-cutting efforts and fulfill his campaign pledge to scrap the country’s politically dicey carbon-pricing scheme.

The final design for the ruling coalition’s proposed Emissions Reduction Fund sets out the rules for companies to compete through reverse auctions for government contracts that pay for carbon emission reductions. As the centerpiece of the Abbott administration’s strategy for meeting the country’s unconditional target to...
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