ETS voted down! Hurray for the Aussies!

“Australia’s parliament rejected laws to set up a sweeping carbon emissions trade scheme on Wednesday, scuttling a key policy of Prime Minister Kevin Rudd and setting a trigger for an early election.

The defeat by parliament’s upper house Senate ends Rudd’s hopes of taking his legislated climate commitments to next week’s global talks in Copenhagen, where world leaders will discuss new targets to curb greenhouse gas emissions.

The rejection gives a legal trigger to allow him to call an early election on climate change, that could come in early 2010, and to then ram his laws through a special joint sitting of both houses of parliament if he is returned to power. …

The Senate rejection throws the future of carbon trading into confusion …

Australian electricity prices fell after the Senate rejected the legislation, with the 2011 contract falling 3.7 percent to A$44 per megawatt hour in thin trade. …

The scheme was defeated in the Senate, by 41 votes to 33, by opposition climate sceptics and Greens who wanted tougher emission reduction targets. …

Senior opposition lawmaker Christopher Pyne said he expected a dissolution of both houses of parliament and an election early in the new year, ahead of polls due around late November.

“I think the election will be on March 6. I think the government will call a double dissolution election if the ETS (emissions trading scheme) is voted down this week,” Pyne said ahead of the vote.

John Connor, chief executive officer of the Climate Institute, said: “It is difficult to see what option we have but to actually put this to the public in a double dissolution election.”” “Australia carbon laws fail, election possible

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