Anglo CEO slams ETS during Senate enquiry

ANGLO Coal is battling for changes to the Rudd government’s proposed emissions trading scheme, which could clean out profits.
Anglo CEO slams ETS during Senate enquiry Anglo CEO slams ETS during Senate enquiry Anglo CEO slams ETS during Senate enquiry Anglo CEO slams ETS during Senate enquiry Anglo CEO slams ETS during Senate enquiry

Roof bolting at Moranbah North

Blair Price

According to ABC News, Anglo Coal chief executive officer Seamus French told a Senate enquiry into the scheme that under its current design it would cost the company $A118 million ($US86.78 million) per year to buy carbon permits, wiping out the average annual profit of the past five years.

He reportedly said there was no technology currently available to reduce Anglo’s operational emissions and called for the scheme to either include industry assistance to coal mining or to phase in the auction of carbon permits.

In March the Australian Coal Association estimated the scheme could tax the coal industry some $A5 billion over the next five years due to what could be considered “fugitive emissions”

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