Australian Senate Sinks Carbon Trading Scheme

Dec 4 2009 | 9:28am ET

On the eve of the U.N. climate change talks in Copenhagen, the Australian Senate has defeated Prime Minister Kevin Rudd’s plan to implement a carbon trading system.

The Senate voted 41-33 against the bill, which would have limited industrial emissions of greenhouse gases and created pollution permits that could be bought and sold.

The defeat came after two weeks of debate, during which the conservative Liberals, the main opposition party, at first agreed to back the bill then on Tuesday dumped their leader and withdrew their support.

The cap and trade system was considered key to the Rudd government meeting its commitment to cut emissions by 5% to 25% – depending on whether a Copenhagen deal was struck – by 2020.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Often seen as a passion project, or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment.