In response to news the Morrison Government is trying to change the law to make the Clean Energy Finance Corporation invest in carbon capture and storage, the Australian Conservation Foundation’s Chief Executive Officer Kelly O’Shanassy said:
“The Clean Energy Finance Corporation must not be used to fund carbon capture and storage – technology that would allow the coal, oil and gas industries to extend the life of their climate-wrecking products.
“It’s sadly fitting that the Morrison government should again flag the possibility of using the CEFC to fund dirty energy on the same day Australia has been ranked last on climate policy in an international index of 60 countries.
“As the world meets in Glasgow to try to find a way forward on cutting emissions, Australia seems intent on stifling ambition, refusing to set new targets to cut emissions by 2030.
“To extend the life of fossil fuels would hold back the transition to clean energy and lock in more climate damage, worse heatwaves, more devastating bushfires and more unpredictable extreme weather events.
“The CEFC has been an Australian success story, growing renewable energy while making returns for the taxpayer.
“The changes proposed would compromise the integrity and independence of the CEFC, while giving a financial gift to the coal, oil and gas industries.
“ACF calls on parliamentarians – opposition MPs and Senators, crossbenchers and moderate Liberals – to oppose moves to compromise the integrity of Australia’s clean energy bank.”
ACF is proud to have come up with the idea of a Clean Energy Finance Corporation in our 2010 report, Funding the transition to a clean economy.