Greens climate change and energy spokesperson Adam Bandt MP today introduced the Coal-Fired Power Funding Prohibition Bill 2018 into the House of Representatives, which prevents the Commonwealth from providing financial assistance to coal-fired power plants. The scope of Mr Bandt’s bill is intended to be wide enough to prevent the government using the mechanisms outlined in the Underwriting new generation investments consultation paper to underwrite and provide financial support to coal-fired power stations.
“It isn’t just environmentally irresponsible to bankroll coal-fired power stations, it is economically reckless.
“The government shouldn’t be trying to shovel money to coal-fired power stations in the few months left before the election.
“Propping up aging, unreliable coal-fired power stations won’t just make climate change worse, but it will make our grid less reliable and expose the taxpayer to significant liability.
“To satisfy its coal-hugging backbench, the government is even offering to indemnify coal companies against the ‘carbon risk’ of future greenhouse policies.
“The taxpayer will be left paying for stranded assets and compensating big polluters.
“We need to urgently pass this legislation to prevent the government from signing contracts over summer to build new coal-fired power.
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