Uncertainty clouds Australia’s carbon trading proposals
The Australian parliament has rejected plans for an emissions trading scheme. The proposed Carbon Pollution Reduction Scheme (CPRS) failed to pass in a Senate vote, but the government plans to re-submit the proposal to the Senate before the United Nations Climate Change Conference (COP-15) in Copenhagen in December. When put to a vote on Thursday 13 August, 42 voted against it and 30 voted for it.
According to Trevor Sikorski, carbon analyst at Barclays Capital, failure to establish legislation on carbon trading before Copenhagen could be a disadvantage to Australia's participation in global negotiations. "Obviously it's disappointing for everyone in the market," he says. "If Australia goes to Copenhagen without legislation agreed then any attempt for them to take the moral high ground in
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