Labor plans to establish two emissions trading schemes
THE Labor Party will create two emissions trading schemes, costing about $550 million, one for electricity generators and one for other businesses, if it wins office at the election.
Opposition Leader Bill Shorten announced the party's climate change policy yesterday and said it would also ensure cars imported after 2025 were more fuel efficient.
The trading schemes would mean businesses could emit a certain amount of pollution but not pay a carbon tax.
Instead, they could buy carbon credits to offset emissions over a threshold.
Power stations would be subject to one capped scheme. Other businesses emitting more than 25,000 tonnes of carbon a year would use the second scheme.
Mr Shorten also pledged an extra $300 million to help regional areas and industries adjust to the added costs.
Prime Minister Malcolm Turnbull dubbed it "another tax" and said it ould increase the cost of energy.