Australia ’s decision to repeal its levy limiting fossil-fuel pollution makes it the first nation to turn back from a market approach to fighting global warming. Prime Minister Tony Abbott ’s government won final approval from Parliament yesterday to scrap a levy about 300 companies paid for their carbon dioxide emissions. The move leaves Australia, the largest polluter per capita among industrial nations, without a system for reducing greenhouse gases as it prepares to host a meeting of the Group of 20 nations. “Australia is bereft of a credible climate policy just as the international community focuses on deeper reduction targets,” said John Connor, chief executive officer of The Climate Institute, a Sydney-based environmental group. He called the move an “historic act of irresponsibility and recklessness.” The about-face sets up Abbott for a clash with Europe and the U.S., which asked for climate policy to be on the G-20 […]