Peabody welcomes demise of carbon tax

Peabody Energy, owner of Helensburgh Metropolitan Colliery, has welcomed the removal of the carbon tax, saying it had "hurt consumers via high electricity costs and damaged the economy".

Company chairman and chief executive officer Gregory Boyce said the Australian government's reversal of the carbon tax was "a lesson in leadership for the modern world".

"Technology, not caps and taxes, is the key to long-term improvement in carbon emissions," he said.

Mr Boyce said Australia's decision to repeal "onerous carbon legislation" should stand as an example for other countries.

"Europe's renewable strategy is being pared back, the continent is threatened by Russia's energy security challenge, nations such as Japan are using significantly more coal, and multiple nations lead the world in economic growth using coal-fuelled electricity," he said.

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