Albanese Budget Ditches Coalition’s Gamble On Energy: Underwriting Plan Scrapped For A Safer, Sustainable Solution

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Ed Husic, the shadow minister for climate change and energy, has repealed the instrument that enabled federal funding for energy generation projects.

Fossil fuel sceptics had estimated that it could cost billions to support the industry and raise power prices for everyone.

The program was widely panned for its lack of transparency and integrity, with Louise Pratt from Labor accusing the Morrison government of sitting on the shortlist of 12 projects for “three years”.

“This is a government that can’t get anything done,” she said. “It’s been three years, and they still can’t fund a single project.”

“We understand gas’ part in a transitional period for energy, but similar to any other project – whether it be gas or pumped hydro – support for these projects need to come from a reliable source, not Coalition slush funds,” Louise Pratt added.

Bob Katter, the Independent MP for Kennedy, also criticised the program. He called on the government to establish a $20 billion fund to invest in renewable energy projects. Katter stated that the current program was “a complete farce” and had “failed miserably”.

What Happens Now?

Ed Husic has repealed the instrument that enabled federal funding for energy generation projects. This move comes as the government faces growing pressure to take action on climate change and emissions reduction. It is unclear what will happen next or if any other programs will be established to replace this.

“Labor will always back an energy solution that is sustainable and puts people’s jobs first,” said Husic. “That’s why we’re ditching the Coalition’s gamble on energy and instead focusing on a safer, sustainable solution.”

The government has yet to release a statement on its plans for future energy funding or program initiatives. In the meantime, Labor will continue pushing for solutions prioritising job creation and a sustainable future.

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