Summary Emissions Reduction Fund will pay companies taxpayers-funded incentives to reduce carbon emissions.
CANBERRA (AP) Australia s Senate has passed legislation to create a 2.55 billion Australian dollar ($2.25 billion) environment fund to replace the carbon tax on the nation s worst greenhouse gas polluters that was axed in July.
The Emissions Reduction Fund will pay companies taxpayers-funded incentives to reduce their carbon emissions.
The Senate narrowly passed the enabling legislation Friday morning by 31 votes to 29.
The legislation is assured passage through the House of Representatives where Prime Minister Tony Abbott s conservative coalition government has a clear majority.
Australia aims to slash its greenhouse gas emissions to 5 percent below 2000 levels by 2020.
Australia is one of the world s worst greenhouse gas polluters on a per capita basis because of its heavy reliance on coal for power.
