The emissions trading scheme (ETS) in Australia is designed to reduce greenhouse gases used in industry fairly and effectively. Australia is aiming to reduce greenhouse pollution by at least 30 percent by 2020 and 80 to 90 percent by 2050.
The idea is to set a limit or cap on the amount of pollutant that can be emitted by a certain firm. The cap can be increased or decreased depending on the amount of “carbon credits” held by the firm, carbon credits can be bought and sold, in this way, a Firm receives a financial reward for reducing its emissions while it will cost more for firms to increase their emissions as they need to buy “carbon credits” to do so.
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