Australia passed landmark laws on Tuesday to impose a price on carbon emissions in one of the biggest economic reforms in a decade and injecting new impetus into December’s global climate talks in South Africa. Tuesday’s vote in the upper house Senate made Australia the second major economy behind the European Union to pass carbon-limiting legislation. Tiny New Zealand has a similar scheme. Its impact will be felt right across the economy, from miners and liquefied natural gas (LNG) producers to airlines and steel makers, and is aimed at making firms more energy efficient and push power generation toward gas and renewables. The vote is a major victory for embattled Prime Minister Julia Gillard, who staked her political future on what will be the most comprehensive carbon price scheme outside of Europe, despite deep hostility from voters and the political opposition. “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,” Gillard told reporters in Canberra.

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Australia passes $23.78 a ton carbon tax, trading, and permits

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