Last year Australia adopted a carbon tax, one that hasn't been too well received. It was a pretty hefty tax of about $24 Aus, much higher than about any other country. Green feeling evidently overcame rational thought, as Australia was hamstringing itself in the world markets. It was supposed to be spread out broadly among all the big companies, but as Phillip Hutchings learned, that wasn't the case. Mr. Hutchings provides an excellent analysis of the carbon tax here.
The Australian government has retreated, and will be moving to a carbon trading system, in line with those in Europe and elsewhere. Australian politicians are now saying that the country should be contributing to GHG reduction in a manner (and to a degree) consistent with other nations, which seems about right. Platts has the story here The primary effect will be to drop the price for a ton of CO2 equivalent down to the European price of about $6 US, and it will probably drop further. (I seem to recall that the US carbon trading market collapsed and trading was suspended a few years ago.) .
Willis Eschenbach has calculated on Watts Up With That how much the province of British Columbia could reduce global warming by its efforts to be carbon free, and came up with a figure of .005 of a degree. Are all these carbon schemes worth anything?
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