A billion for the aluminium industry, Rudd’s small change.
Aluminium giant Alcoa has spent the last year manoeuvring for the release of the Federal Government’s climate White Paper in December. Planned expansions were canned, dozens of workers laid off, and Alcoa’s constant refrains warned of moving operations offshore if they did not get their way in the Carbon Pollution Reduction Scheme.
It is a role Alcoa have been playing for decades: undermining efforts to regulate and reduce pollution, flooding Canberra with lobbyists, and putting the brakes on political change.
Aluminium is Australia’s most emissions intensive industry, using 13% of all electricity and polluting 6.1% of national emissions. The industry’s processes in Australia - from bauxite mining to alumina refining to aluminium smelting – rely on oil, gas and vast amounts of coal-fired power. The industry is set to receive over a billion dollars in free permits under the Carbon Pollution Reduction Scheme (CPRS), to be announced in next week’s White Paper.
Drew Fryer, of sustainability and finance advisors Innovest, says...