Australia's politically controversial carbon tax launched

Australia on Sunday imposed a price on carbon emissions but, even as it starts, the scheme's future is in doubt with conservative opposition vowing to repeal it and whipping up a scare campaign around it.

Australia on Sunday joins a growing number of nations to impose a price on carbon emissions across its $1.4 trillion economy in a bitterly contested reform that offers trading opportunities for banks and polluters but may cost the prime minister her job.

Mexico signs Climate Change law

Mexican President Felipe Calderon has signed into law climate change legislation that will bind the country to significant cuts in greenhouse gas emissions and increase the use of renewable energies within the next few decades.

"With the legislation I signed, Mexico becomes the first developing country with a comprehensive law against climate change," Mr. Calderon posted on his Twitter account Tuesday.

California approves cap-and-trade revenue bill

California lawmakers have passed a bill that clears the way for the state to collect more than $1 billion a year in revenue from selling allowances in the nation’s CO2 cap-and-trade market, which is due to start next year.

On Tuesday, the California Assembly voted 47-26 to approve AB 1532, a bill written by Speaker John A. Pérez, which provides a framework for how the state will spend revenue generated by its carbon market.