US urged to follow Australia on carbon tax

PEABODY Energy chairman and CEO Gregory H Boyce has joined the growing chorus of mining leaders praising the Australian government for repealing the carbon tax and is urging the US government to abandon its carbon emissions policy.
US urged to follow Australia on carbon tax US urged to follow Australia on carbon tax US urged to follow Australia on carbon tax US urged to follow Australia on carbon tax US urged to follow Australia on carbon tax

Peabody Energy chairman and chief executive officer Gregory Boyce

Lou Caruana

He said the carbon tax damaged the economy and hurt consumers via high electricity costs.

“The Australia government's reversal of the carbon tax is a lesson in leadership for the modern world,” Boyce said.

“We encourage US policymakers to take the same path and reject the administration's costly proposed rules on power plants.

“Technology, not caps and taxes, is the key to long-term improvement in carbon emissions.”

Peabody believes US leaders can learn valuable lessons in rejecting de facto carbon taxes and onerous renewable standards.

The US Chamber of Commerce estimates that the Obama administration's proposed US carbon regulations would cost the economy $US50 billion ($A53.3 billion) per year.

“The proposed rules would significantly increase power prices, costing each American household thousands of dollars over time,” Peabody said.

“A Heritage Foundation study reports the cost to an average family of four at $1200 per year of lower income and spending power.

“Low-cost electricity is essential at a time when a record 115 million Americans qualify for energy assistance and 48 million live in energy poverty.”

Peabody claims coal fuels the lowest cost electricity in the US.

“The states that don't use coal wrestle with electricity costs that are nearly twice as much as the states that predominantly use coal for electricity,” Peabody said.

“Coal is the world's fastest-growing major fuel set to surpass oil as the world's largest global energy source in coming years.”

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