The Federal Labor Party has announced a raft of measures to combat climate change and increase renewable energy, if it is voted into Government.
Most significantly Labor has announced that it would boost funding to the Clean Energy Finance Corporation (CEFC) by an additional $10 billion. It has also revealed it will subsidise batteries for 100,000 Australian homes and reaffirmed a 45% emissions reduction target by 2030 based on 2005 levels.
What does this all mean for climate change action?
- $10 billion funding for the Clean Energy Finance Corporation (CEFC) ✓
This funding will help to combat climate change by boosting investment in renewable energy and energy efficiency across Australia.
- Subsidising batteries for 100,000 homes ✓
Battery storage paired with solar allows Australians to access clean, reliable power 24 hours a day, 7 days a week. Energy storage technologies are a key component in Australia transitioning to a clean, reliable and affordable electricity grid.
- Setting up a Just Transition Authority ✓
This statutory authority would be established to help regions with coal-fired power stations work towards economic diversification, as well as helping transition coal workers into new jobs.
- 45% emissions reduction target (needs improvement)
While this target is better than what we have now – it’s still not good enough when it comes to tackling climate change. Greenhouse gas pollution from the electricity sector should be cut by at least 60% by 2030 (below 2005 levels).
The verdict:
This policy announcement is a step in the right direction – it will significantly boost the renewables sector. However it’s clear there’s still much more to be done to combat dangerous climate change.
Here at the Climate Council we’ll continue to decode information and provide you with the facts so that you can keep on top of the Government and Opposition climate policy in the lead up to the election.