Jenny McAllister (NSW, Australian Labor Party, Assistant Minister for Climate Change and Energy) Share this | Hansard source

I table three treaties relating to the Indo-Pacific Economic Framework for Prosperity and move:

That the Senate take note of the documents.

The government is tabling for consideration by the Joint Standing Committee on Treaties, JSCOT, as a category 1 major treaty action, three treaties relating to the Indo-Pacific Economic Framework for Prosperity, which I will henceforth refer to as IPEF: firstly, a clean economy agreement, secondly, a fair economy agreement and, thirdly, an overarching agreement on the IPEF.

Broadly speaking, IPEF is a regional arrangement established to build cooperation and economic integration in the Indo-Pacific. The clean economy agreement identifies areas for increased cooperation among IPEF parties in the region's transition to net zero. The fair economy agreement would strengthen anticorruption, anti-money-laundering and taxation standards to promote transparency and good governance. The overarching agreement brings together the three pillars—supply chain, clean economy and fair economy agreements—under a single framework and establishes IPEF's governance arrangements.

For the sake of clarity, there are a number of cooperative work programs under the IPEF clean economy agreement, one of which relates to small modular reactors. Australia is not participating in this work program. The Albanese government's position on nuclear energy is absolutely clear. Participation in these work programs is on an opt-in basis. Nuclear energy is not a viable option for Australia, because of the high costs, long deployment times and significant supply chain and workforce challenges. Renewable energy is by far the cheapest and most efficient way for Australia to reach net zero emissions.

Question agreed to.