Josh Burns (Macnamara, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Climate Change and Energy: How is the Albanese Labor government ensuring our economy is prepared for the opportunities of a decarbonising world? What are the risks of not acting?

Chris Bowen (McMahon, Australian Labor Party, Minister for Climate Change and Energy) Share this | Link to this | Hansard source

Thanks to my honourable friend for his leadership on matters of climate and his advocacy on matters of climate. Australia is on the cusp. We're on the cusp of a remarkable opportunity. Around the world there is a search for clean, green, cheap energy. Around the world, there is a hunger for critical minerals and rare earths. We are on this cusp of a remarkable opportunity, and it will take policies to make this opportunity a reality.

There are three key policies to making this so. Firstly, there's the government's safeguards reforms, which are important for reducing emissions by 205 million tonnes but also vital for certainty. They're vital as the world's consumers and investors are looking for companies with real plans for net zero and real frameworks to achieve it. This point was made by the Deputy Secretary of Treasury in Senate estimates today; Luke Yeaman pointed out that this sort of framework is vital for attracting capital to Australian industry. He also pointed out that there was a Treasurer who made similar points—not the current Treasurer but the former Treasurer. The former member for Kooyong was making this point just a few months ago, but a few things have changed since then.

The second policy that is vital is the Clean Energy Finance Corporation. This is an existing policy, but it is still a key policy. It's a policy that was opposed by those opposite. The member for Bradfield predicted it would be a financial disaster. For every dollar the CEFC invest they unleash $2.60 of private investment. I'll give one example. They are co-investing in new electric vehicles for mines, reducing emissions by 46,000 tonnes a year and delivering trucks and mining equipment that is more comfortable for the drivers and workers. Of course, the coalition has opposed the CEFC.

The final policy is the National Reconstruction Fund. There's up to $3 billion allocated for clean energy transition. We don't want to be the country that just provides the world with clean energy; we want to be the country that makes the things that provide clean energy around the world. There's also $1 billion allocated for processing and value-adding of critical minerals. Those who oppose this don't want us to value-add to our critical minerals. They don't want us to manufacture in Australia.

The thing that brings these three policies together and makes them connected is not only that they are key but that the opposition has been against them in all three cases. The Leader of the Opposition is a triple threat in the worst sense of the word. He's a triple threat to the Australian economy. He's a triple threat to the opportunities available to us. I grant him this—his shadow ministry meetings must be pretty efficient. When the government wants to create jobs, it's just, 'Yeah-nah.' There is no need for a submission. It's just: 'Yeah-nah. We're not doing that.' When the government wants a housing fund, it's, 'Yeah-nah.' They must have really quick meetings. When we want to have a safeguards reform to actually reduce emissions and create jobs, it's, 'Yeah-nah.' Australia deserves better than this Leader of the Opposition. (Time expired)