Media Release.
Date: 10 December 2013
The Senate has today rejected the Abbott Government’s attempt to dismantle the Clean Energy Finance Corporation (CEFC).
“Despite
Tony Abbott and Greg Hunt’s negative campaign, the Senate has seen the
sense in ensuring the CEFC will continue to support innovative clean
energy projects,” Shadow Minister for Environment, Climate Change and
Water Mark Butler said
“The
CEFC is driving new investment in clean energy technology, helping
Australia reduce emissions and adding to the Budget bottom line.”
In
its first year, the CEFC has invested $536 million in 39 projects,
matched by $2.2 billion of private capital investment providing a return
of 7.3 per cent to the Budget.
The
39 projects benefiting from CEFC investment will deliver more than four
million tonnes of abatement per annum, contributing more than half of
the existing emissions reduction target.
Despite
widespread expert advice in support of the CEFC’s economic and
environmental benefits, the Coalition is determined to scrap the CEFC as
part of its plans to reverse Australia’s progress on climate change
action.
“The Abbott Government is trying to run up the white flag on climate change,” Mr Butler said.
“There is not a single credible economist or expert who thinks their direct action plan is a good idea.
“Labor
will continue to vote against the Coalition’s attempts to repeal the
Clean Energy package until a credible climate change policy alternative
is proposed.”
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