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| ENS: Appin Coal Mine, NSW |
A major coal exporting country, Australia, has put a carbon tax on greenhouse emissions. This is a major feat of cooperative, multi-party legislation so far unachievable by the United States Congress where the
vicious partisanship of the two party system has practically immobilized the federal government. Coal is Australia's biggest export industry, contributing about 3.5% of GDP growth, yet national parties including the Australian Greens, were able to have a debate and reach agreement on big polluters paying A$23 per metric ton tax for carbon dioxide emitted. The carbon price applies to power plants, most business transportation, industry and mining, but not cars and light trucks. Econometrics show that the impact of the coal price will result in a modest 0.7% price inflation in 2012-13 while increasing employment and average income by 2020.
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| ENS: Emu Downs, WA |
The carbon price is set to rise by 2.5% for each of year during 2012-2015. After that period, Australia will move towards a cap and trade scheme in which the market will set the price on carbon emissions. The Greens leader in Parliament,
Senator Bob Brown, said the legislation is the "vital first step towards tackling the climate crisis," despite the Greens' preference for a more ambitious initial program. Government estimates that by 2020 the carbon price will eliminate 160 million tons of CO₂ or the equivalent of 45 million cars. The agreement also includes investments of $10 billion in renewable energy and begins planning for Australia's 100% renewable energy future.
