LNP brings powerful promises
The Liberal Party’s election win leaves Australia with an energy plan considered woefully sub-standard by some.
The Coalition’s election platform included plans for Australia to reduce its emissions by 26 per cent on 2005 levels by 2030, in line with the Paris targets.
The Government will use ‘carry-over’ carbon credits from the Kyoto protocol to reach its Paris goal, which Australia reached. This accounting trick has been criticised for going against the spirit of the Paris agreement.
The Liberal Party also said it would issue plans to boost the production and use of emissions-free hydrogen fuel, saying Australia could be a global leader in the new technology.
Fossil fuels will not be forgotten, with the Coalition strongly backing the Adani coal mine in Queensland’s Galilee Basin, and also floated the idea of using taxpayer money to upgrade a NSW coal-fired power station.
It also says it will fund a feasibility study into a new “high-efficiency, low-emission” coal plant in Queensland.
Finally, the Climate Solution Package is a $3.5 billion, 15-year extension of the existing emissions reduction fund.
The scheme pays farmers and others to reduce carbon dioxide emissions through carbon capture and storage, increasing native vegetation, and other measures.
A total of $1.38 billion from the fund will go towards the expansion of the Snowy Hydro scheme, hoping to turn it into a giant battery to back up intermittent energy produced by other renewables.