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Richard Branson: 'Any tax should be done on a global basis'. (AFP: Robyn Beck)
British entrepreneur Sir Richard Branson has weighed into the debate over the carbon tax, saying it should be adopted simultaneously worldwide to avoid disadvantaging countries and companies.
On Sunday the Government will reveal what the carbon price will be and what sectors will receive compensation.
Speaking in Brisbane today, the daredevil founder of Virgin Group voiced his concerns about the proposed carbon tax.
"Any tax should be done on a global basis, I think ideally, not on a country-by-country basis," he said.
"There's a big meeting in Durban in December and hopefully something will be put through so that if it's done on a global basis, it doesn't disadvantage individual countries or individual companies."
Sir Richard's various companies are facing these issues globally, including campaigning against the European Union's proposal to include foreign airlines like Virgin Atlantic in its emissions trading scheme.
He took a careful approach in making his point.
"I don't want to get too drawn into domestic politics in Australia. I mean I know that something's going to come out on Sunday and we'll see what is said," he said.
"But if it disadvantages Australian companies and Australian people... that's a question that Australians are going to have to ask themselves."
The multi-billionaire is also asking himself how to reduce the expected rise in fuel costs for his airline businesses.
Sir Richard revealed Virgin Airways is backing biofuel research - with a twist.
He says Virgin Airway's profits are bankrolling the biofuel research, which began with algae and isobutanol, before moving into biofuels made from eucalypt trees.
"The koala bear... its source of food may one day be a source of aviation fuel as well," he said.
"Obviously Australia has a lot of eucalyptus trees and if we're correct it could be a wonderful fuel of the future that won't eat into the food supply."
Airlines account for about 2 per cent of global man-made carbon emissions. The industry has a target to halve its emission levels by 2050.
Qantas is already working on two biofuel projects, but environmentalists urge caution.
Monica Richter from the Australian Conservation Foundation has concerns about using eucalypt trees as a biofuel feedstock.
"By all means we need to investigate alternative technologies and alternative fuel, but until we see some evidence that it's going to be of benefit to the environment, the jury is out for us," she said.
"The Australian Conservation Foundation would be concerned that the growing of trees and crops on marginal land and of course there are biodiversity concerns there with impacts on flora and fauna.
"Monoculture plantations on marginal land would have a very negative impact."
Sir Richard is optimistic biofuel will be used in aeroplanes in future.
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Source: http://www.abc.net.au/news/stories/2011/07/06/3262908.htm
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