Former top BHP economist urges tougher government policies to push miners to decarbonise
Summary
A former top economist at mining company BHP says stronger government climate policies are needed to push miners to reduce their emissions faster. He supports using a carbon price to encourage big resource companies to make tougher decisions on cutting pollution.Key Facts
- BHP delayed or canceled major projects that would have significantly reduced emissions.
- Internal documents showed BHP planned to delay switching diesel trucks and trains to electric power until decades later.
- Experts warn this slowdown risks Australia’s climate goals and exposes problems with the safeguard mechanism climate policy.
- Dr. Huw McKay, ex-BHP chief economist, calls for stronger government climate rules rather than voluntary company targets.
- He supports a carbon pricing policy that makes companies include climate costs in their investment decisions.
- BHP aims to reduce emissions by 30% from 2020 levels by 2030 and has made some progress using renewable energy deals.
- The Australian government’s "safeguard mechanism" requires large polluting sites to reduce emissions intensity yearly or buy carbon offsets.
- Climate Change Minister Chris Bowen defends the current safeguard framework and says there will be no carbon tax.
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