Australia on Wednesday outlined a carbon trading scheme including a pledge that heavily polluting industries that export much of their product and those that face international competition could receive free credits for up to 90 per cent of their emissions.
The scheme will be launched in 2010, according to a green paper released by Penny Wong, climate change minister. It brought good news to business since up to 30 per cent of permits to be issued annually under the “cap and trade” scheme could be given free to industries such as aluminium smelting, cement production and steel manufacturing. The report would also commit the government initially to provide free credits or compensation to help coal-fired power plants, which provide most of the country’s electricity, adjust.
