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Government may delay emissions trading

It has been reported that the Federal Government will announce plans to delay its emissions trading scheme by one year, amid growing pressure from the Coalition, the Greens and various industry groups to put the scheme on hold.

An official inquiry was launched into the scheme last month, with the Greens claiming the scheme would “undermine existing policies to move Australia to renewable energy, energy efficiency and clean transport, and lock out the option of achieving deep cuts in greenhouse emissions.”

Australian Industry Group chief executive Heather Ridout called for a postponement to 2012 to allow businesses more time to prepare. (Read the full story here)

It is believed the Government will not start the scheme until 2011 at the earliest, as opposed to the original starting date of 2010.

It is also understood that the government will consider a tougher emissions reduction target of 25 per cent of 2000 levels by 2020 in the event of a global agreement to limit the concentration of greenhouse gases in the atmosphere at 450 parts per million. This is instead of the Government’s original target range of 5 to 15 percent.

According to Sydney Morning Herald reports, Prime Minister Kevin Rudd has refused to confirm the changes.

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