Opposition Labor party will discard the Federal Government’s main proposition for reducing carbon emissions and depend much on renewable energy should the Labor win the next election. This will be officially announced on Friday.
Bill Short is to announce his intentions to discard the Emissions Fund, which makes use of the nation’s funds to pay industries to reduce their carbon emissions, in an address at the University of New South Wales even organised by the Chifley Research Centre.
Detractors are saying that the fund may not attain the expected carbon emissions reduction and taxpayers re supporting polluters to undertake projects, like energy efficiency improvement, which is still obvious to implement.
“We will not continue to subsidise windfalls for companies that are already acting,” Mr Shorten’s speech notes say.
“Yes, we will honour contracts that the government has entered into, but the largesse ends there.”
The Federal Government has already pledged pump $2.55 billion into the Fund and it recently pledged another $2.4 billion within a 12-year range by 2030.
The Opposition Leader Bill Shorten is confident to save approximately $4.3 billion, should he abolish the program.
“Abolishing this program today represents a saving of up to $4.3 billion”, Mr Shorten stated.
It is clear that Labor is willing to invest much in renewable energy and budget repair, which will be described on Friday by Bill Shorten as a “better, cheaper, faster and more efficient way for Australia to tackle climate change”.
Labor is intended to establish an emissions trading scheme, but the Federal Government has described it as “more expensive”
The Australian Industry Group has indicated that if the Abbott’s regime depends only on the Emissions Reduction Fund to attain the reduction by 2030, it will increase the cost to $250 billion in nominal terms in by 2020.
N. Hasham August 14, 2015. Bill Shorten pledges to scrap Emissions Reduction Fund and boost renewables: http://www.smh.com.au/federal-politics/political-news/bill-shorten-pledges-to-scrap-emissions-reduction-fund-and-boost-renewables-20150813-giyejj.html
AUTHOR: DOUGLAS YEBOAH