Australia repeals pro-environment carbon laws that put a price on greenhouse gas emissions, the first time a developed nation has made such a U-turn.
Australia is one of the world's largest per capita greenhouse gas emitters due to its reliance on coal-burning power stations to power homes and industry, but the country's voters blame the climate laws for rising energy bills and living costs.
The tax was voted out even as it appeared to be working in reducing carbon emissions, according to The Guardian.
BHP CEO says repealing the "mis-designed" carbon tax would be important in increasing Australia's competitiveness; J.P. Morgan analysts have estimated that the removal of the carbon tax, together with repeal of the government's mining levy, would boost its valuation on companies such as BHP and Rio Tinto (NYSE:RIO) by as much as 6%.
Australia's repeal may reverberate internationally ahead of global climate talks next year, when major economies like China, India and the U.S. will consider global greenhouse targets beyond 2030.