Larissa Waters (Queensland, Australian Greens) Share this | Hansard source

I move Greens amendment (1) on sheet 1283, circulated earlier:

(1) Schedule 1, page 7 (after line 23), after item 15, insert:

15A At the end of Part 2

Add:

8A Prohibition on assistance for new fossil fuel projects

(1) Financial assistance must not be provided under this Act for the development of fossil fuel-based infrastructure associated with a new fossil fuel project.

(2) It must be a condition of any grant of financial assistance under this Act that the financial assistance not be used (whether directly or indirectly) for the development of fossil fuel-based infrastructure associated with a new fossil fuel project.

(3) Without limiting subsection (1), neither the Facility nor a subsidiary of the Facility may invest (whether directly or indirectly, including as a participant in a partnership, trust, joint venture or similar arrangement, through subsidiaries or other investment vehicles, or by any combination of these means) in fossil fuel-based infrastructure associated with a new fossil fuel project.

(4) In this section:

fossil fuel-based infrastructure:

(a) includes fossil fuel-based electricity generation capacity; and

(b) includes infrastructure relating to extraction, processing, storage and movement of fossil fuels; and

(c) does not include electricity transmission infrastructure.

fossil fuels includes any of the following:

(a) coal;

(b) oil and other petroleum-based products;

(c) gas;

(d) products, by-products and wastes from extracting or processing fossils fuels to which paragraphs (a) to (c) apply.

new fossil fuel project means a project for the development of fossil fuel-based infrastructure that:

(a) receives the relevant authorisation to begin development on or after the commencement of this section; and

(b) is not a project for the further development of existing fossil fuel-based infrastructure.

They say that we shouldn't fund new fossil fuel projects—