Australia's Alumina Ltd. (AWC.AU) said Monday it expects growth in world demand for aluminum to double by 2020, providing a significant opportunity for its AWAC joint venture with Alcoa Inc. to expand capacity.
"When we look forward, we expect that global growth in consumption of aluminum will double by 2020. Much of that will come from emerging economies, particularly China," Alumina Chief Executive John Marlay told CNBC Asia cable television.
"And in that scenario, the AWAC joint venture has quite significant opportunities to expand capacity to supply this significant growth in global consumption."
Marlay also said a joint government and business report recommending the introduction of a carbon trading system is far reaching and sensible.
The recommendation that Australia should be in a position to implement a domestic emissions trading scheme by 2011 is "quite far reaching."
"It clearly does demonstrate a signal that CO2 and particularly other greenhouse gas emissions will need to be priced, and it will have an impact for all of us, both consumer and industry alike," Marlay told CNBC.
Marlay, who was on the task group that put together the report handed down to the government last week, said the scheme would be a "cap and trade scheme."
"And our recommendation is that work should start immediately," he said.
The proposed regime would allow Australia to link in with other emissions trading schemes as they emerge around the world.
"It will have an impact, it will cost more for energy, it will potentially have an economic impact and so therefore, all those issues need to be treated very seriously," he said.
"And I suspect that any Australian government will treat these issues quite seriously."
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