18 February 2021

Clean energy bank must not become a slush fund for coal, gas, and nuclear

The push to allow the Clean Energy Finance Corporation to invest in gas, nuclear, and coal-burning power projects is a last grasp at relevance from a dwindling group of anti-climate action zealots who haven't accepted that the world has left them behind.


Australians are already forging ahead with solutions to the climate crisis. More than 2.66 million Australian homes and businesses now have solar rooftops. The Australian Energy Market Operator estimates that the national grid could reach 75% within five years. All states and territories now have a 2050 net zero climate pollution target.

GetUp National Director Paul Oosting said:

“Australia’s clean energy bank must not become a slush fund for the coal, gas, and nuclear industry.

“As the rest of the world moves rapidly to set zero-emissions targets and invest in large-scale renewables projects, the Morrison Government is set on locking Australia into expensive, polluting, and obsolete technologies — and using public money to pay for it.

“Politicians on all sides must vote to ensure our clean energy bank keeps funding profitable clean energy projects chosen by an independent board –  not loss-making coal, gas, and nuclear fantasies hand-picked by Minister Taylor.

“Nuclear power is dangerous, unnecessary and colossally expensive. It would take more than a decade to build a nuclear reactor in Australia and cost billions. It’s the ultimate climate action delay tactic.

“Australia has an opportunity to position itself as a world leader in renewables. It’s critical this pivotal moment in our history not be squandered on obsolete and failing technologies that will lock in irreparable climate damage.

“When Taylor’s Bill comes before Parliament, politicians who accept the seriousness of the climate crisis we face — of all parties and none — must act to ensure coal, gas, and nuclear are excluded from any definition of ‘low emissions technology’, the return-on-investment requirement is kept, and the independence of the CEFC board is maintained.”

Media contact: Alex McKinnon 0411 829 334

Spokespeople:

Paul Oosting, National Director at GetUp
Kathryn McCallum, Climate Justice Campaign Director at GetUp