Rio Tinto stands to profit in many ways from Boxer-Kerry, often in ways that provide no real benefit to consumers or the environment, while increasing costs for everyone.
In 2008, Rio Tinto mined more uranium than any company in the world, according to Chiaro. Uranium is the feedstock for nuclear power plants. Litigation and regulation have for decades blocked the expansion of nuclear power, and many companies see robust climate legislation as the way to knock down the regulatory barriers....
But Rio Tinto also sees profit in Boxer-Kerry in ways that harm the consumer. Boxer-Kerry would add to the cost of gasoline, heating oil, and electricity, and also force less efficient energy sources on American families and manufacturers, while imposing new costs on taxpayers. This would drive business to Rio Tinto's other ventures.
Rio Tinto and BP, for instance, have formed a joint venture called Hydrogen Energy, which is building plants in California, Abu Dhabi, and elsewhere that aim to combine the technologies of fueling a power plant by hydrogen and pumping carbon dioxide underground in order to keep the gas out of the atmosphere. These projects are already subsidized by taxpayers, and Rio Tinto is lobbying for the additional subsidies Boxer-Kerry would provide.
Friday, November 13, 2009
A mining giant in bed with Boxer, Kerry
Adding to the gallery of climate bandits, my column today explores why mining giant Rio Tinto is lobbying for climate-change legislation: