Aus Govt is committed to introduce an ETS by 2010
Similar schemes have operated in the EU for the past few years.
The Garnaut reports suggest a transition period from 2010 to 2012, and full operation from 2013.
The Federal Govt will set a cap on national emissions
It will issue permits and auction them at regular intervals. The emissions cap will reduce over time.
Companies must buy permits to cover their emissions. Companies that reduce their emissions, and do not need all their permits can sell them.
Price will be set by the market
