BREAKING NEWS

Australia passes landmark carbon price laws

By REUTERS

NOVEMBER 8, 2011 09:35

CANBERRA - Australia passed landmark laws on Tuesday to impose a price on carbon emissions in one of the biggest economic reforms in a decade and injecting new impetus into December's global climate talks in South Africa.

Tuesday's vote in the upper house Senate made Australia the second major economy behind the European Union to pass carbon-limiting legislation. Tiny New Zealand has a similar scheme.

Its impact will be felt right across the economy, from miners and liquefied natural gas (LNG) producers to airlines and steel makers, and is aimed at making firms more energy efficient and push power generation towards gas and renewables.

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