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So how does a carbon tax work?
Recently, the Government released details about the new Clean Energy Agreement that aims to reduce the country's emissions by 5% of 2000 levels by 2020.
This will be achieved by introducing a fixed price on carbon pollution on the 1st of July, 2012. The price will be AU$23 per tonne CO2e (rising at 2.5% per annum).
Initially the carbon pollution tax will cover approximately 60% of Australia's emissions (360M t per annum) in the stationary energy sector, transport, industrial processes, non-legacy waste and fugitive emissions.
The Carbon Farming Initiative will play a major role in efforts to reduce Asutralia's emissions within a limited time. Companies are able to use Kyoto-compliant Australian Carbon Credit Units (ACCUs) created under the CFI to meet their obligations under the new plan.
For those who are still unsure about how exactly a price on carbon actually works, watch the video below for a simple explanation.
For anyone wanting to find out more about the Carbon Farming Initiative, feel free to drop us a line at anytime.
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