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World's Biggest Company ExxonMobil Supports Carbon Tax
Submitted by Citola on Wed, 2011-09-28 03:09

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The world's biggest (oil) company, ExxonMobil, has supported the Australian carbon tax legislation as a more efficient and cost-effective mechanism to address the challenge of greenhouse gas emissions and combat climate change. In a submission to the Australian parliamentary inquiry into the Clean Energy Legislative Package, ExxonMobil said the price of carbon permits under an emission trading scheme could be volatile and unpredictable, discouraging companies from investing in clean energy or emission reduction technology. "ExxonMobil believes that a well-designed, revenue-neutral carbon tax mechanism would be a more cost-effective alternative for reducing greenhouse gas emissions: when combined with further advances in energy efficiency and new technologies spurred by market innovation, we are confident that a carbon tax could play a significant role in addressing the challenge of greenhouse gas emissions," the ExxonMobil submission said. The parliamentary inquiry has heard a number of views from parties with different political interests and motivations including Australian Manufacturers Workers Union spokesman Tim McCauley who likened investing in a clean energy future and combating greenhouse gas emissions to the transition from horses to cars in the early 19th century. "The cost of a car was more expensive than a horse," Tim McCauley said in reference to the early 19th century. "Where would you put your bet ... buy up big on horses or betting on cars?" The parliamentary inquiry continues with the lower-house vote on the legislation scheduled for 13 October 2011 and the Senate vote scheduled for 7 November 2011.

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