Aussie Carbon Tax Repeal Discourages Cap-And-Traders Across The Planet

[Geee]

Daily Caller:

Australia’s repeal of its carbon tax last week has gotten other countries thinking about ditching their own carbon dioxide emissions reduction schemes.

 

On the heels of the Aussie carbon tax defeat, South Korea’s finance minister, Choi Kyung-hwan, called his country’s planned cap-and-trade system “flawed in many ways,” and hinted that he would pressure the government to delay the plan until 2015.

 

Businesses say the cap-and-trade system could cost them up to $28.9 billion in three years unless the program is delayed until 2020.

 

Reuters reports that South Korea’s emissions trading program has already been delayed twice since 2013. The system would have capped emissions from 400 top emitters in the country, potentially making it the world’s second-largest cap-and-trade system.

 

But while some in the government remain optimistic about the system, Reuters notes that “some analysts have warned that the market’s emissions cap will be too low and have forecast that the South Korean carbon price could rocket towards $98, which is the penalty firms have to pay per tonne if they don’t meet their targets.”

[clearvision]

I read somewhere that a large coal plant in Australia had restate earnings forecast... DOWN... because the carbon tax went away. They were getting more in subsidies from the tax than paying (or their customers where paying).

[Geee]

I read somewhere that a large coal plant in Australia had restate earnings forecast... DOWN... because the carbon tax went away. They were getting more in subsidies from the tax than paying (or their customers where paying).

And they talk about corporate welfare