ROFLMAO! Carbon dioxide taxation is the mistake that the EU made. Idiot!
Australia is setting the world’s highest price on carbon emissions as it seeks to avoid mistakes made when Europe started the biggest cap-and-trade system seven years ago.
The country of 22.5 million people, with the most emissions per capita among developed nations, will charge almost 300 of Australia’s largest polluters a fixed price of A$23 ($23.15) a metric ton for their greenhouse gases for the year starting July 1. European Union carbon allowances closed yesterday at 7.97 euros ($10) a ton on London’s ICE Futures Europe exchange.
Prime Minister Julia Gillard is counting on payouts and credits worth about A$30 billion over the next four years to appease Australian business and households facing higher power bills. The climate law she pushed through Parliament last year also allows Australia to reduce its supply of permits to support prices. The cost of European Union carbon allowances plunged to a record low this year after it gave away too many, failing to foresee falling demand because of the recession and debt crisis.
