Emission trading is taking a funny turn. Having long been the policy mechanism of choice for the governments of developed countries, plans for emission trading schemes are falling by the wayside due to powerful industry lobbies and vocal climate sceptics fuelling public opposition.
In April this year, Australian government finally ditched its proposals for a cap-and-trade scheme, with then Prime Minister Kevin Rudd confirming that the idea will not be revisited until 2013 at the earliest. The climate legislation had twice failed to win the support necessary to pass through Parliament and on the eve of a third attempt was abandoned by the government in the face of waning public support.