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Australia scraps carbon tax a year earlier than planned

A proposal to replace Australia’s deeply unpopular tax on carbon emissions with a market-based trading system a year earlier than previously planned has been given a lukewarm response from industry

But Australian carbon dioxide (CO2) emission permits, initially expected to trade at deep discounts to EU Allowances (EUAs), will offer a range of trading and speculative opportunities for investors. Prime minister Kevin Rudd has said that he wants the fixed price on carbon emissions to end on 30 June 2014, instead of 2015 as had been outline in the initial plan. A floating carbon price, or emissions trading scheme (ETS) that will be linked to the European carbon market will start the following day. The move is expected to see a sharp decline in the cost of carbon from an estimated A$25.40 ($23.32) per tonne in July 2014 to around A$6/tonne, saving polluters billions of dollars in carbon c

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