Australia passes landmark carbon price legislation.

Canberra’s setting of a price on carbon emissions iinjects new impetus into December’s global climate talks in South Africa. “Today Australia has a price on carbon as the law of our land. This comes after a quarter of a century of scientific warnings, 37 parliamentary inquiries, and years of bitter debate and division,” PM Julia Gillard tells reporters. The scheme sets a fixed carbon tax of A$23 ($23.78) a tonne on the top 500 polluters from July 2012, then moves to an emissions trading scheme from July 2015.  Australia’s carbon market is forecast to be worth as much as A$15 billion ($15.5 billion) by 2015. The global carbon market was worth about $142 billion in 2010, with the European Union Emissions Trading Scheme accounting for 97 percent of trade, accordin to the World Bank.