Angus Taylor (Hume, Liberal Party, Minister for Energy and Emissions Reduction) Share this | Hansard source

I thank the member for her question and acknowledge her very strong focus on affordable, reliable energy whilst also delivering emissions reductions. Of course, we are doing exactly that. In fact, in the latest data update, we can see that Australia's domestic emissions are down 2.3 per cent year-on-year. More than that, in the national electricity market, we've seen in the last year emissions down 3.2 per cent. Central to that has been world-leading levels of investment in solar and wind. Indeed, it was 6,300 megawatts and $9 billion worth of investment in the last year, and we expect the same level of investment—or a very similar level of investment—this calendar year.

But that creates a challenge, because we have to have a solution for when the sun doesn't shine and the wind doesn't blow. That's why we're taking practical action to make sure that there is reliable energy in the system. Central to that is an investment of almost $1.4 billion in Snowy 2.0, with 175 hours worth of storage and a huge battery in Tantangara Dam in the Snowy Mountains. We're supporting transmission upgrades through the billion-dollar Grid Reliability Fund, and we're focused on 24/7 supply coming into the market. There are two new gas generators being underwritten under our Underwriting New Generation Investments program, and gas is absolutely central to ensuring we have enough storage and backup in the system. The Prime Minister has just talked about the New South Wales deal: 70 petajoules of new gas for the domestic market coming into a market of 120. That will move the dial on making sure we have affordable and reliable gas and affordable and reliable electricity.

I'm asked about alternatives. The alternative is to have a target without a plan. South Australians, in particular, have seen how this works, because we saw in South Australia a previous Labor government that had a net zero target without a plan.

Mr Josh Wilson interjecting—

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