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Microsoft 'funds' new Oz CO2 trading scheme

Time: 14:09 EST/19:09 GMT | News Source: The Register | Posted By: Byron Hinson

CO2 emissions trading schemes are supposed to impose costs on emitters of the controversial gas, the better to reduce the amount of stuff pumped in the atmosphere. Australia, however, has found a way to make Microsoft fund a planned new CO2 emissions trading scheme. The scheme was yesterday floated as a replacement for Australia's current fixed price on CO2, a politically toxic policy that saw the nation's Opposition run a protracted attack that ultimately felled former Prime Minister Julia Gillard. Gillard's replacement, Kevin Rudd, yesterday said the fixed price will end in July 2014, a year earlier than current plans call for a floating price to come into force. If the plan passes parliament, Australian companies will be able to buy CO2 at about $AUD6 a tonne, down from around $24 today.

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