Certainly has everyone thinking now…
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Australia’s repeal of its controversial carbon tax last week has gotten other countries thinking about ditching their own carbon dioxide emissions reduction schemes.
On the heels of the Aussie carbon tax defeat, South Korea’s finance minister, Choi Kyung-hwan, called his country’s planned cap-and-trade system “flawed in many ways,” and hinted that he would pressure the government to delay the plan until 2015.
Businesses say the cap-and-trade system could cost them up to $28.9 billion in three years unless the program is delayed until 2020.