A gasoline worth cap — tragically — will not curb funding in fossil fuels

Fossil gas corporations say they’re going to cease investing if there are gasoline and coal worth caps. They’re mendacity.

(Picture: Zennie/Personal Media)

Fossil gas producers — and the state governments which are hooked on fossil gas revenues — have spent latest days telling anybody who will pay attention that worth caps on gasoline can be a catastrophe for Australia’s fame as a protected funding vacation spot, and can scale back funding incentives.

From the attitude of the pressing want to finish our reliance on fossil fuels, that might be a wonderful final result. Choking off the event of gasoline tasks is essential to maximising our possibilities of conserving world heating under 2C. The insistence by large gasoline producers corresponding to Woodside that they’re already reconsidering funding in new gasoline tasks is nice information.

Besides it’s not true. It’s merely a rerun of the identical “sovereign threat” hysteria that marked the trade’s response to a mining tremendous income tax 12 years in the past. That’s once we had been advised mining traders would flee to the likes of Ghana, Zambia and Tanzania.

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