The Australian Senate has defeated its version of “cap-and-trade” legislation.
Marc Morano of ClimateDepot.com believes this could be a precursor to what will happen to cap and trade in the U.S. The U.S. version of cap and trade — or “energy ration and tax,” as it is called by opponents — passed in the House and could be debated in the Senate as early as September. The bill calls for a 17-percent reduction of industrial carbon emissions to be achieved by creating a carbon market and trading carbon emission credits.
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