MARKETS

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.

Lou Caruana
US urged to follow Australia on carbon tax

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.”

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.