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The government will set a limit or cap the amount of a pollutant that can be emitted, with the goal of lowering Australia’s carbon emission by 60% of 2000 figures by the year 2050 the Carbon reduction scheme is scheduled for 2010. Business entities will be issued emission permits and are required to hold an equivalent number of allowances which represent the right to emit a specific amount. The total amount of allowances and credits cannot exceed the cap, limiting total emissions to that level. Business entities that need to increase their emissions must buy credits from those who pollute less...
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