Prospects tipped to grow
PM says Australia will embrace new energy economy for 2050
REGIONAL Australia will “excel” and improve its prospects under any net zero targets set, Prime Minister Scott Morrison said on Thursday.
However, he would not endorse a senior Queensland National MP’S proposal for a $250bn loan scheme for the resources sector as part of the deal.
Resources Minister Keith Pitt has called for the government to act as a lender of last resort for the resources sector, proposing a $250bn loan facility to deal with some banks refusing to lend to coal-linked projects, while also urging agriculture and resources be shielded from net zero commitments.
There is support privately among some backbench MPS for Mr Pitt’s proposition, although Opposition Leader Anthony Albanese said it would “saddle taxpayers with another quarter billion dollars of debt”.
Mr Morrison said the cabinet was the right place to have discussions about the climate commitments, as his government faces domestic and international pressure to sign up to net zero emissions by 2050 ahead of the COP26 climate summit.
“I’ve been very clear about our position when it comes to transitioning to the new energy economy,“he said.
“I believe Australia can do this and ensure that the regions excel, that the regions exceed their current prospects.
“That’s done by embracing a new energy economy and the technology that is needed to support that.”
LNP Groom MP Garth Hamilton, who has raised concerns over how Australia will reach net zero, said to support any commitment he would want to see protections for industries such as agriculture and resources.
“I’ve got no doubt that the technology will change over time, as it always has, but our primary role is the security of our nation and our economy,” he said.
“Every other country has their approach to net zero; we should have our approach.
“To get me on board, I‘d need to see key industries afforded some protections.”
Mr Albanese said Australia should commit to medium-term emissions reductions targets higher than the current 26-28 per cent by 2030.
But he did not put forward Labor’s proposed targets, saying they would not be announced until after the COP26 climate summit in Glasgow which concludes next month.