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The article focuses on the emissions trading paper released by Australian Prime Minister John Howard. The paper notes that the size of the greenhouse gas abatement task confronting the country is significant. It explains that emissions trading is a more flexible market-based policy tool than imposing a carbon tax on industry. Particular focus is given to the scheme suggested by professor Warwick McKibbin in response to the issue.

The article focuses on the criticism issued to the plan of the Australian Labor government to launch a carbon emission trading scheme in 2010. Climate change minister Penny Wong issued a Green Paper explained the tax credits to be given to heavy carbon industries. However, the scientific community claims that such liberal allowances could undermine the effectiveness of carbon trading.