Australia Aims For Major Emissions Cuts By 2050

Law360, New York (March 10, 2009, 12:00 AM EDT) -- The Australian government has announced plans to implement a cap-and-trade scheme in hopes of creating green jobs and reducing its greenhouse gas emissions by 60 percent from 2000 levels by 2050, with a focus on the transportation and energy industries.

Australia's Minister for Climate Change and Water, Sen. Penny Wong, released draft legislation for the project, called the Carbon Pollution Reduction Scheme, on Tuesday.

By putting a price on carbon, the Australian government hopes to ignite investment in new, lower-pollution technologies and create jobs, Wong said...
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