11 March 2009

Australia unveils carbon trade legislation

Reuters, Tue Mar 10, 2009 12:48am EDT

CANBERRA (Reuters) - The Australian government released its long awaited carbon trading legislation on Tuesday, sticking to its timetable for a carbon market by mid 2010 and a 5 percent cut in emissions by 2020.

The government, which does not control the upper house Senate, and has been under growing pressure from green groups to strengthen its targets, and from industry to delay the scheme due to the impact of the global slowdown.

The package of six carbon trading bills will be introduced to parliament in May and the government hopes to get the laws passed by the end of June.

The legislation is available at www.climatechange.gov.au.

(Reporting by James Grubel; writing by Michael Perry)
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