Ryan Stokes has called on the Federal Government to reconsider a key plank of its climate policy regime, describing the safeguard mechanism as a de facto tax.

The Beach Energy chair, who also helms SGH, told the Beach annual general meeting in Adelaide on Wednesday that “onerous regulations” were deterring investment in Australia’s energy sector.

“The safeguard mechanism functions as a carbon tax on industry, and like taxes, this cost is ultimately passed through to consumers,” Mr Stokes said.

“The impact of this policy on cost and competitiveness must be fully examined.”

The safeguard mechanism aims to limit and reduce greenhouse gas emissions by Australia’s biggest emitters, with those companies that do not hit their emission targets forced to buy carbon credits.

Mr Stokes said poli

See Full Page