The Labor Party is dedicated to doing all we reasonably can to see a bipartisan solution that starts to bring the energy crisis to an end.
Over the past couple of years, Labor has been willing to sit down with the government to negotiate an Emissions Intensity Scheme and, then, Alan Finkel’s proposal for a Clean Energy Target. On each occasion, however, negotiations have been brought to an end by a veto exercised by Tony Abbott and his supporters in the Coalition Party Room.
Labor has expressed misgivings about a number of elements of the government’s latest energy policy, the National Energy Guarantee. In particular, Labor and businesses across the board have expressed a concern that the government’s proposal would increase the power of the big three energy retailers, rather than reduce it. The ACCC has indicated that increase in power would likely push up power prices for households and businesses.
The Government is now proposing an emissions intensity trading scheme that operates through a clearing house, described as an emissions registry. While there are still a range of details to work through, this improves upon the Government’s original proposal as it would allow greater transparency and competition, and underpin a properly functioning market in carbon emissions.
Labor remains deeply concerned, however, about other elements of the government’s proposal including its intention to use the NEG to lock-in weak pollution reduction targets. Not only would this strangle jobs and investment in renewable energy, it would also impose additional costs on other sectors of the economy like manufacturing and agriculture which do not have low cost pollution reduction technologies available to them.
It is also unacceptable that in the absence of strong national renewables policy, the Government is attempting to restrict the ability of state government to continue to pursue ambitious renewable energy programs.
Federal Labor will never agree to a policy that seeks to tie the hands of a future Federal Labor government in implementing our clear commitment to 50 per cent renewable energy by 2030. Malcolm Turnbull’s proposal would, according to Bloomberg New Energy Finance, see a cut of up to 95 per cent in renewable energy against current levels and see the loss of thousands of jobs.
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