EU may impose 17.6 billion yuan carbon tax on China by 2020

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Source: China.org.cn

The EU is planning to introduce carbon emission scheme that will cost about 800 million yuan for China's airlines next year, according to China Air Transport Association. China's airlines are projected to spend about 17.6 billion yuan on the emission scheme by 2020. The US and Russia strongly opposed the carbon scheme citing infringement of sovereignty of the world's carriers; however, the European Court of Justice approved the tax as legal.

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Tue, 13 Dec 2011 09:02:17 GMT

Federal balance of the US declined less than expected

The federal budget balance of the US decreased less than previously projected in November, according to official data. The US federal budget balance decreased by -137.3 billion from -98.5 billion in October on a seasonally adjusted basis. Experts predicted the balance to decrease to -138.0 billion in November, reported Department of the Treasury.

Tue, 13 Dec 2011 17:37:40 GMT

Canada to abandon Kyoto protocol

On Monday Canada became the first nation that claimed it will quit Kyoto protocol. Peter Kent, Environment Minister made an announcement of Canada's abandonment after he returned from summit in Durban. Canada, a leading energy producer has complained extensively that Kyoto protocol does not work as it ignores too many important emitters such as India and China. 

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