Australian Carbon Price Directs Support to Industry and Jobs

Australia’s carbon tax of $23 per tonne was authorized by legislation in November 2011 and began on July 1st 2012. The price, which affects approximately 500 facilities that emit more than 25,000 tonnes of CO2 emissions per year, is fixed for the first 3 years and then will rise at 2.5% per year, until July 1 2015, when it will transition to a fully flexible price under an emissions trading scheme. The government has pledged to allocate approximately 40% of carbon price revenue to help businesses and support jobs; the Jobs and Competitiveness Program has earmarked $9.2 billion for assistance until 2015- including $1.3 billion for a Coal Sector Jobs Package. The Clean Energy Act 2011 and its amendments – including amendments in June and August 2012 – are compiled and summarized at:

http://www.climatechange.gov.au/en/government/clean-energy-future/legislation.aspx

 

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