Capitalism trumps climate policy (PM)
Private sector “dynamic capitalism”, not government policy, will be crucial in reducing carbon emissions, said Scott Morrison.
This was the prime minister’s key message to business leaders in Melbourne as the government unveiled a billion dollar fund to support low-emission technologies.
The proposed fund would be administered by the Clean Energy Finance Corporation and would support small businesses deemed too small or risky for private support.
The government is reportedly providing $ 500 million in seed capital to CEFC and expects the other half to come from private investment.
He anticipates a return of between $ 3 and $ 5 for every dollar spent and hopes that will create more than 160,000 jobs by 2030.
Mr. Morrison stressed that the private sector, not the government, was the key to decarbonizing the economy.
“Glasgow marked the passing of the baton of goals and timetables (…) to private enterprise and the millions of scattered decisions, flashes of inspiration, which constitute technological progress led by consumers,” he said. he declared to the Victoria Chamber of Commerce and Industry. Wednesday.
“We believe that climate change will ultimately be solved by willful capitalism… (not) governments seeking to control people’s lives.”
Energy Minister Angus Taylor refused to rule out any specific technology – including carbon capture and storage using fossil fuels – for the fund using 50-50 public-private funding.
“We are interested in any technology that can commercially reduce emissions,” he told ABC Radio.
“We don’t want to choose technology on an ideological basis – anything that can work. It makes sense.”
The government plans that the fund will invest in direct carbon capture and storage powered by renewable energies, as well as improved battery, solar panel, soil carbon and livestock feed technologies to reduce emissions. emissions.
The government plans to introduce legislation for its fund ahead of scheduled elections by May 2022, challenging Labor and interbank MPs to back the changes.
Greens leader Adam Bandt said the party would seek to block the laws.
“Public money should go to schools, hospitals and renewables, not the billionaire coal and gas companies that evade tax,” he said.
The current Clean Energy Finance Corporation Act prohibits the agency from investing in carbon capture and storage.
This is not the government’s first attempt to change the law.
Last year he announced a $ 1 billion extension of the remit of CEFC and the Australian Renewable Energy Agency to invest in loss-making gas and energy projects.
Carbon capture and storage has been criticized by mining mogul Andrew “Twiggy” Forrest as an unproven failure.
Labor climate spokesperson Chris Bowen accused the coalition of being prejudiced against renewables while seeking to fight with the opposition.
“Our objections have been the diversion of money from renewables to other technologies,” he told the ABC.
The Smart Energy Council called the announcement another attempt to support the dying country’s coal industry.
“Carbon capture and storage has gone nowhere for decades. As the price of solar and renewable energy has fallen, carbon capture and storage have remained extremely expensive,” said Chief Executive Officer John Grimes.