Economic experts argue that Australia’s model for climate change mitigation based on economic policies such as carbon taxing and regulation of atmospheric radiation should serve as a cornerstone for similar efforts globally. Carbon taxing is a form of environmental regulation that guides the government in levying taxes relative to the percentage of carbon in fossil fuels i.e.

petroleum, coal and natural gas. After burning fuel, the carbon present is released as carbon dioxide. Therefore, in bid to restrict industrial emissions, the government of Australia has resolved to tax all fuel-burning activities relative to the percentage of carbon in fuels.

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