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International Update Volume 41, Issue 27

UN CARBON MARKET WILL LIKELY CONTINUE IF KYOTO LAPSES

The European Union climate chief said last week that the United Nation's carbon market will survive even if greenhouse gas reduction goals for developed nations expire in 2012 without an immediate renewal.

JAPAN TO CREATE NEW ENERGY POLICY

Japan

Japan will formulate a new energy policy by early 2013 and by March will unveil a range of options to meet energy demand to 2030, the Tokyo Shimbun reported last week. Japan has said that it will boost power conservation and increase the use of renewable energy to make up for power lost from an end to nuclear generation.

AUSTRALIA'S CARBON TAX LIKELY TO BECOME LAW

Australia

Australia's Senate voted last week that debate on the federal government's carbon tax will not be extended beyond November 21. "This motion will allow at least 20 hours of debate in each of the two weeks," said Senate leader Joe Ludwig in response to criticism of the end date. "The Senate does need to consider the legislation but it doesn't need to do it in an exhaustive way." The treasury modeling of the impact was released last week, indicating a A$23 per ton starting price, as opposed to the original A$20 per ton models.