WELLINGTON: The goal of a global carbon market to tackle climate change, once touted to reach US$2 trillion by 2020, received a major setback when Australia yesterday scrapped its planned carbon trading scheme, which would have been the world’s third biggest.
Australia’s Emissions Trading Scheme (ETS) was to have started in 2015 and linked with the world’s biggest market in Europe – the first direct connection between major emissions trading schemes and a test case for possible links between schemes emerging in China and planned in Japan and the United States.
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