Zali Steggall (Warringah, Independent) Share this | Link to this | Hansard source

Overnight, the annual Climate Change Performance Index was released. The index compares the climate action performance of 63 countries and the EU, which account for more than 90 per cent of global climate emissions. Disappointingly, Australia's ranking has dropped from 50 to 52.

This morning, with Australian Conservation Foundation and colleagues from the crossbench, I called on the government to do better when it comes to climate action and emissions reduction, and stop enabling the increase of coal and gas production. The Albanese government needs to go harder and faster in addressing the climate crisis. While I welcome the Treasurer's announcement this morning, to direct the Future Fund and the sum of $230 billion to focus on green energy and infrastructure, I should note for the detractors and those complaining that, to date, the Future Fund has invested in banks, airlines, supermarkets, fossil-fuel companies and mining companies. To now direct it towards industries such as housing and renewables, that will actually benefit the future of Australia, I think is a good thing. Of course, though, it cannot be politicised.

I would call on the Future Fund and, in fact, call on the government to stop approving the exploration of more coal and gas, and, in particular, gas in WA—we have a number of decisions before the government. It is urgent and imperative that they do not go ahead, and that they do not benefit from further public subsidy.

To add insult to injury, the government's Future Gas Strategy, which was launched in May, envisages that Australia continues to open up massive, new gas fields and continues to burn and export fossil fuels well beyond 2050. At a time when climate milestones are being reached and we are passing tipping points, the need for ambitious policies and strong leadership has never been so important. So I call on the government to, in fact, do that. Don't just give us words and posturing at COP events, but actually follow through with real action—a strong 2035 target—and stop approving more extraction of gas. Gas is putting fuel on the fire of global warming and it is just reckless negligence to continue doing that.

I do welcome the climate minister's statement at COP29 that he'll acknowledge the need to deliver a nationally determined contribution under the Paris Agreement with the 'highest possible ambition', but forgive my slight cynicism when it's followed by the fact that he doesn't intend to indicate or come clean to the Australian people how ambitious he intends to be prior to the next election, and we certainly are not hearing anything from the opposition. So the Australian people should be incredibly concerned that the two major parties are failing on the biggest issue that impacts their cost of living and their safety.

We are already on track to two degrees of global warming and we're experiencing the effects of it with record once-in-100-year flooding and catastrophic bushfires. They become more and more frequent. Climate risk continues to escalate and it is costing our communities. It is ordinary Australian people who are paying the price for this reckless negligence that continues, government after government.

The parliament has spent many hours talking about action on cost-of-living pressures. That is a crisis that is fuelled, in part, by the increasing costs to home insurance premiums due to the intensifying of climate change and increasing risks. Increasing extreme weather events mean that it is costing the Australian people and the government substantially in economic losses. A warming climate also means food and water become more scarce and more expensive. There's no other way to explain it to people in relation to those cost-of-living pressures.

Allianz Insurance recently told a parliamentary inquiry that it had increased average premiums across its household portfolio by a cumulative 56 per cent over three years, due to climate risks. What we know on the ground, speaking with people in Warringah and seeing it in the local Facebook groups and chats that are alive with people sharing experiences, is that home insurance premiums are increasing a median of 28 per cent across the board.

If you out there don't actually accept the science of climate change and you think that this is a problem that someone else is going to deal with—trust me, you are also going to pay for it, because climate risk is going to be averaged across all of your insurance premiums. Everyone will pay for this, and, ultimately, the government will pay because communities are not safe and government will have to subsidise the consequences, instead of the fossil fuel companies. They should be held responsible to pay for the damage that they are causing.