Australia Carbon Tax to Benefit Mexico, Developing Countries

Australia’s carbon tax legislation, expected to pass tomorrow, will benefit Mexico and other developing countries. 

The tax would affect the country’s 500 biggest polluters starting in July 2012 ($25 per ton), and it would be followed by a carbon trading program in 2015, when polluters could buy carbon offsets from projects overseas.

Australian company, Cool nrg International, is preparing to  distribute 45 million energy efficient lightbulbs supplied by Philips Electronics to 6.5 million low-income households in Mexico City, reports Reuters.

Cool nrg plans to roll the bulbs into credits to sell to Australian polluters and Mexico will earn a royalty to help the country reduce emissions. 

The project is expected to save 33,000 gigawatt hours of energy, about a third of Mexico City’s auto emissions.

"Governments in the emerging markets who are putting in place their own low-carbon technology strategies can do so while receiving some financial benefit," Abyd Karmali, Merrill Lynch’s global head of carbon markets, told Reuters.

Under Australia’s carbon pricing legislation, companies could meet 50% of their carbon reduction targets by paying for offsets.

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