Tim Wilson (Goldstein, Liberal Party) Share this | Link to this | Hansard source

Out of the tragic loss of life, property, flora and fauna over this past summer we are seeing a renewed resolve for blunt realism about the challenges we face around a changing climate. Despite the scale of these challenges, when it comes to practical climate action I actually remain an optimist about what we can achieve, because, working together, we can find ways to meet these challenges, particularly if we mobilise capital from the private sector, because there are opportunities to do it and for people to make a profit.

Some argue that because Australia represents a small share of global emissions we should not take action. I've always found that a very bizarre argument, because taking responsibility actually goes to the core of why I'm a Liberal. We have a responsibility to steward a united society, strong economy and sustainable environment to the next generation. Responsibility ultimately is one of the core foundational pillars of being a Liberal. Australia can't solve global challenges alone, but if we don't take responsibility we cannot turn to others overseas and ask them to take action when we're not prepared to do so. That's why we are prepared to do so. In fact, responsibility is so core to being a Liberal as an important foundational pillar it's the sort of thing that motivates people to become one. Responsibility always begins at home. The notion is reinforced throughout our nation's history, where we've taken responsibility and met challenges. And we can do it again.

While the global challenge of climate change calls on us to show responsibility, it's also an enormous opportunity. Just consider some of the emerging industries, such as marine permaculture, also known as seaweed farming. Much like how land based plants sequester atmospheric carbon dioxide emissions, seaweed draws in CO2 from the ocean. The difference is it grows 30 times faster. Consider the opportunity presented by Australia's vast and underutilised coastline. Seaweed farming could sequester millions of tonnes of CO2, drastically improving our emissions profile. To an enterprising mind this is an opportunity to steward nature, harness biology, decarbonise the ocean and, of course, make a buck. That is actually real climate action.

One of the great strengths of capitalism is its ability to freely reconfigure and swiftly adapt to changing needs, directly responding to consumers. In the last decade we have seen markets adapt quite swiftly. Now the challenge is to mobilise capital, to make sure that it can be part of the solution. In the energy generation space, two bedrocks of capitalism—price theory and the profit motive—have redirected some US$2.6 trillion into renewable energy and away from other types of fuels. Renewables such as wind, solar and hydroelectric plants are attracting triple the level of investment of fossil fuels. This was not caused by government direction or dictation, as our political opponents would wish, but from private companies reallocating resources to reflect the needs and values of society and the environment, thereby avoiding waste and loss. Climate change will not be solved by Soviet-era government planning like five-year plans. We've seen this before. But this is not accepted by everyone. All the Labor Party want is a central solution that they run and dictate, and some Independent members want that as well. In fact, they want to take it out of the hands of democratically elected officials. The only consequence of that will inevitably be a backlash, if you have not learnt anything from history.

There are some within our society, like Extinction Rebellion, whose radical green populist agenda is more focused on overthrowing capitalism than on taking the steps and challenges to confront climate change. And there will always be those wanting more unchecked state power—for themselves—calling for green new deals and for coal mining to stop tomorrow. They would rather indulge in idealistic fantasies than focus on actually achieving sustainable policy outcomes. That is what we believe on this side of the chamber.

As private citizens and enterprise can act, so too can government, of course. Crucially, we are actually doing what we need to do. We are delivering on our Paris targets with domestic action. We've put $1.4 billion into Snowy Hydro because of its strategic location, dramatically increasing the amount of renewable base load energy available to households as the battery of the nation. The $2 billion invested in the Australian Renewable Energy Agency provides funding for R&D in areas where Australia can compete globally such as biofuels, marine energy generation and energy storage—a sector-by-sector approach. And of course we have the CEFC, with $10 billion into projects in renewable energy. As the Prime Minister has noted, these federal initiatives to confront climate change will evolve over time as new technologies become available in the best interests of Australia.