Big polluters want more money despite record profits
13 Jul 2009
Australia’s richest big polluters want even more compensation under the proposed Carbon Pollution Reduction Scheme (CPRS), despite making $945.4 billion in profit over the past 5 years, according to new analysis by WWF.
“It is outrageous that amidst record profits, these companies are crying poor, asking the Government to sacrifice assistance to those who need it most in order to continue their recklessness,” said WWF-Australia CEO Greg Bourne.
The companies listed in WWF’s analysis already stand to gain a share of $13.3 billion of compensation from the Government’s proposed CPRS.
Rio Tinto, Alcoa and Bluescope made $50.7 billion, $16.3 billion and $4.5 billion in profits respectively over the last five years, and stand to receive $2.7 billion, $1.7 billion and $1 billion respectively in compensation under the proposed CPRS over the next five.
These companies are under no obligation to use the money received in compensation to invest in new technologies and improve efficiency to drive down emissions, or keep prices to consumers low.
“If just a fraction of these profits had been used to reduce carbon emissions, these companies could have made a serious contribution to tackling climate change,” said Mr Bourne.
“The likes of BHP and Alcoa have had more than 20 years notice that a price would be put on carbon pollution and they have used their profits and power to delay action and now demand handouts.”
Having won massive compensation under the new US emission trading scheme, many businesses are expecting to be given even more money before they support an Australian plan to reduce carbon emissions.
WWF is concerned that the Government will be forced to buy their support with even more compensation.
“The money going to reckless, big, profitable polluters would be better spent on helping Australia adapt to the effects of climate change, families deal with any increased costs, and investment in clean, renewable energy for the future,” said Mr Bourne.
It will cost state and local governments billions of dollars to adapt to the impacts of climate change and deal with the increased costs of disaster relief, health services, infrastructure and emergency services - yet they have missed out on the kinds of compensation going to big polluters.
“These companies are putting our environment and future economy at risk yet they continue to shift responsibility and costs to families, small businesses and communities who don’t have multi-billion dollar profits to fall back on.”
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More information
Jonathon Larkin, Media Officer
Phone: 0410 221 410
Email: jlarkin@wwf.org.au
Rachael Hoy, National Media Manager
Phone: 0407 204 594
Email: rhoy@wwf.org.au
