Add this to the United State’s Senate failure to even address the cap and trade issue, and it appears that carbon trading is losing the financial and political luster it once had. Now Australia’s ETS scheme is delayed in their senate with little hope of revival.

This says it pretty well at ABC News:

Senate kills off emissions trade laws

The Associated Press says:

Australia’s Parliament defeats global warming bill

Australia’s Parliament defeated legislation to set up a greenhouse gas emissions trading system on Wednesday, throwing a central plank of the government’s plans to combat global warming into disarray.

…

The 41-33 vote followed a tumultuous debate in which the conservative main opposition party at first agreed to support a version of the government’s bill, then dramatically dumped its leader and switched sides after bitter divisions erupted within the party.

From the Australian:

KEVIN Rudd has lost his bid to deliver an emissions trading scheme in Australia before talks in Copenhagen but won an early election trigger after the Senate formally rejected the laws again today. Just two Liberal senators broke ranks with a clear mandate among Coalition MPs to delay an ETS and voted with Labor on an emissions trading scheme Deputy Senate leader Eric Abetz declared: “The CPRS is dead. And no amount of CPR can revive it”

Herald Sun columnist Andrew Bolt writes:

Rudd’s great tax on everything is defeated How close was that bullet? A mad new tax is voted down, thanks only to Tony Abbott’s one-vote win over Malcolm Turnbull yesterday…

Maybe it had something to do with this:

“We have heard from the Independent Pricing Regulator in NSW just yesterday that this ETS would add 30 per cent to the people of NSW’s power bills …

And as Bolt points out to WUWT a couple of days ago, Climategate figured in as well:

Rudd’s belief that man is heating the world is based almost entirely on the reports of the UN Intergovernmental Panel on Climate Change. But thousands of emails uncovered in this month’s Climategate scandal show that the scientists most responsible for those reports did not just doctor data, destroy awkward evidence, and censor sceptical scientists. They also show some of them privately admitting that the world seems not to be heating as they (and Rudd) predicted. “Where the heck is global warming?” raged Kevin Trenberth, an IPCC lead author, to another Climategate scientist: “The fact is that we can’t account for the lack of warming at the moment and it is a travesty that we can’t.”

Fair Dinkum.

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