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Report: Austrian government aims for carbon neutrality by 2040

Austria's new government is planning to introduce tighter regulations on carbon emissions in the country, Bloomberg News reported Jan. 2.

The conservative People's Party and its coalition partner the Greens showcased a plan Jan. 2 to become carbon neutral by 2040. The Greens will vote Jan. 4 on whether to form a government with the People's Party.

According to the blueprint of the carbon reduction plan, the government will increase the price of carbon pollution, offer financial incentives to boost energy efficiency, expand nationwide public transportation, lower taxes on middle-income workers and pull the brakes on federal debt.

The goal is for Austria to become the poster child for climate change action in Europe, as the issue rises up voters' agendas, Bloomberg News said.