Australia will not delay carbon trade plan

Australia will not halt its plan to introduce a carbon emissions trading programme within two years, despite fears raised by the recent economic slowdown, Reuters reported.

Australian climate-change minister Penny Wong told Reuters that the cost of delaying the proposal’s planned mid-2010 introduction would cause great harm to the country, which is already in the grip of a long-term drought.

"The costs of failing to act on climate change will be greater than the costs of taking responsible action. The later we act, the higher
the costs will be," Wong said.

Australia is creating one of the world’s most comprehensive emissions trading schemes, the report said. The laws are set to reach parliament early next year after discussions with 1,000 of the country’s biggest companies.

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