Australia’s Carbon-Pricing Payoff

CANBERRA – This month, Australia joins a growing number of countries to introduce a price on carbon emissions, at a level twice as high as Europe’s. For Australia – a land not only of endless sunny beaches, but also of endless supplies of fossil fuels – this is a remarkable development.

Australia is among the world’s highest per capita emitters of CO2, owing to its reliance on coal – the most carbon-intensive fuel. Coal is also a massive export earner, bringing in roughly $2,000 per citizen annually.