Rio Tinto Touts Coal Future over Climate Idealism by A....

Article Macdonald Smith, A. 2014, ‘Rio Tinto touts coal future over climate idealism’, Australian, 21 March, viewed 28 April 2014, http://www.smh.com.au/business/rio-tinto-touts-coal-future-over-climate-idealism-20140320-355wy.html Summary Angela (2014) reflects on the concerns over Rio Tinto’s complaint that the Australian government’s altitude and action toward climate change are over ‘idealism’ which have an adverse impact on the Rio Tinto’s future development. As coal will remain as the main energy worldwide in the foreseeable future, the CEO of Rio Tinto, Mr. Kenyon-Slaney urged the Australian government to provide more support for carbon capture and storage technology, rather than simply cutting down the carbon emission. As a result, a more efficient taxation system, reduced regulatory policies, timely government approvals and more stable political and regulatory environment are critical for the sustainability of Rio Tinto. Application Although the Abbott’s government has an intention to subdue regulatory constraints on businesses by repealing the carbon tax, recently the senate has voted to block carbon tax repeal legislation which was convicted as ineffectiveness and high costing (Griffiths 2014). As a result, the carbon tax remains relatively high at a price of $24.15 per tone of CO2e Rio (Tinto Coal Australia 2011) which cost Rio Tinto $36.3 million in the last fiscal (Rio Tinto Coal Australia 2013), representing a â€Å"big government† trait. Attributing to the