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Australia joins European Union carbon emissions trading scheme from 2015 in greenhouse rethink

Published on August 28, 2012; Published on August 28, 2012

Topics :: European Union , Australia , CANBERRA

CANBERRA, Australia - Australia has announced it will join the European Union's carbon emissions trading scheme starting in mid-2015 in a major rethink of its own plans to curb greenhouse gas emissions.

The government said Australia's major polluters can start buying European carbon permits now to cover their liabilities from July 2015 when Australia merges with the EU system, where permits to pollute are traded at prices set by free market forces.

But European polluters, who have been part of the world's largest trading scheme of its kind since 2005, will not be able to buy Australian permits until mid-2018.

The linking of the Australian and EU systems will answer business concerns that Australian companies would lose their competitive edge if they are charged more for their emissions than other countries charge.

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