The Federal House of Representatives has voted to approve the carbon pricing mechanism outlined in the Federal Government’s Clean Energy Future legislation.
The House voted 74 to 72 in favour of the package of 18 bills, which will see carbon priced at $23 per tonne from 1 July 2012, rising by 2.5 per cent each year during a three-year fixed price period until 1 July 2015, when the mechanism will transition to an emissions trading scheme with a price determined by the market.
Approximately 500 Australian businesses will be required to pay for their carbon emissions under the plan, and much of the revenue collected will support investment in research, project development and employment growth in the clean energy industry.
The bills will now pass into the Federal Senate for further debate.
For further information on the Federal Government’s Clean Energy Future package, click here.
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