CANBERRA (Commodity Online): The Senate in Australia has passed the carbon pricing law on Tuesday, 8th November to accelerate clean energy investments.
The law will come into effect from July 2012 and it would impose tax on carbon emission by industries, mining sector etc and the fund raised from tax would be used to promote green energy.
Finally, the Labour Government got its carbon price plan through the Senate through voting. The carbon law won the race by 36 votes against 32.
"This history-making vote turns years of discussion into a reality and it was the right thing for the nation's future and would provide jobs for our children. " said Julia Gillard, Prime Minister according to a report by Press Trust of India (PTI).
Australia accounts for 1.5% of the total global emissions and is the world's highest emitter per capita as it relies more on coal to generate electricity.
