Australia unveils carbon trade legislation

The Australian government has delayed its long-awaited carbon trading legislation by a year to 2011. The six-bill package, which was released in March, initially had a timetable for a carbon market by mid-2010 and a 5 to 15 % cut in emissions by 2020. The government, which attributed the delay to current economic conditions, said it remains open to reducing greenhouse gases under an international agreement. (March 10/ May 4, 2009)