But Australia is full of WIN today.
Australia Senate backs carbon tax
Australia’s Senate has approved a controversial law on pollution, after years of bitter political wrangling.
The Clean Energy Act will force the country’s 500 worst-polluting companies to pay a tax on their carbon emissions from 1 July next year.
The Senate vote is a victory for Prime Minister Julia Gillard, who had given strong backing to the plan.”
Here’s the commentary on it from BBC’s Richard Black:
“The vote in theory brings to an end a long-running and, in a global sense, highly symbolic issue.
Symbolic because Australia is one of the world’s highest per-capita emitters and has an economy that is more reliant than most on energy-intensive industries such as mining, including coal.
Yet of all developed countries, Australia is set to feel impacts of climate change earlier than most, and arguably is seeing them already in the recent severe droughts.
It also has immense potential for renewable electricity, particularly in the area of solar; and some are hoping the carbon tax and subsequent trading mechanism will kick-start a renewables revolution.
Whether the carbon tax is high enough to do that, though, is unclear. And investors may be restrained by the opposition’s vow to repeal the law if it gains office in 2013.
Emissions trading is scheduled for introduction in 2015. The European experience is that without tight caps on emissions, the carbon price remains far too low to stimulate change on the scale scientists calculate is necessary.”