This is the best tl;dr I could make, original reduced by 84%. (I'm a bot)

> CANBERRA, Australia - The Australian Parliament created landmark new laws Thursday that will make the nation's biggest greenhouse gas polluters reduce their emissions or pay for carbon credits.

> Set to take effect July 1, the reforms create a ceiling on the nation's emissions and force Australia's 215 most polluting facilities to reduce their emissions by 4.9% a year or reach the target with carbon credits.

> Big polluters would be able to buy carbon credits to help achieve their emission reduction targets, but polluters that use carbon credits to achieve more than 30% of their abatement would have to explain why they were not doing more to reduce their own emissions.

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