Labor’s clean-energy credentials face the test on Grid Fund bill
A PLAN to redirect funding for clean energy projects towards upgrading Australia’s electricity grid to drive down power prices will be a “first test” for Labor’s new-look frontbench.
Parliament is scheduled to debate the federal government’s proposal to amend the Clean Energy Finance Corporation (CEFC) to divert $1bn to a Grid Reliability Fund for projects such as battery storage and new transmission lines.
However, Labor legislation.
Energy and Emissions Reduction Minister Angus Taylor said projects identified as potential investments would mean “more renewables, more jobs and lower prices for consumers”.
“This is a good first test for Anthony Albanese and his new approach to climate and energy policy under Chris Bowen,” he said.
“If Labor opposes the Bill as they said they would, it will show again that Albanese’s words are hollow and he is opposing the can’t be trusted to deliver affordable, reliable energy and new jobs.”
The CEFC has already identified a pipeline of projects with an investment value of up to $4.5bn, which would create more than 1000 jobs in construction if the legislation passed parliament.
For NSW the projects include a new interconnector with South Australia and transmission upgrades to connect more renewables across the state to the grid.
“Projects in the (fund) pipeline could reach financial close as soon as this month, which would mean construction jobs and spending in regional communities recovering from the pandemic,” Mr Taylor said.
Labor energy spokesman Mr Bowen said the opposition would support the Bill if the government accepted proposed amendments.
“We’ll be putting forward sensible amendments to ensure the CEFC won’t be turned into a slush fund, and can only invest in economically viable, clean-energy projects,” he said.