Australia Sets Carbon Reduction Targets

17 May 2011 (Last Updated May 17th, 2011 18:30)

Australian Resources Minister Martin released a report that calls for the nation's electricity providers to replace ageing networks as it outlines plans to charge polluters for emissions. The Investment Reference Group report outlined the government's plan to introduce an emissions tra

Australian Resources Minister Martin released a report that calls for the nation's electricity providers to replace ageing networks as it outlines plans to charge polluters for emissions.

The Investment Reference Group report outlined the government's plan to introduce an emissions trading system from July 2012 with a fixed per-ton charge for the first three to five years.

The government intends to reduce greenhouse gas emissions by at least 5% by 2020 and to generate 20% of the nation's energy from renewable sources.

The government may levy a carbon tax of AUD40 ($42.50) per ton, reports Bloomberg.

The nation will see an investment of AUD240bn ($255bn) in the electricity and energy sectors over the next two decades.