Colin Boyce (Flynn, Liberal National Party) Share this | Hansard source

I would like to begin my contribution by explaining what we are trying to achieve by legislating a 43 per cent reduction in carbon emissions. Carbon dioxide is a trace gas in the atmosphere. It is an odourless, tasteless and invisible gas that is essential to all life on this planet. It is plant food. Without carbon dioxide, plants cannot photosynthesise and they will die. That is a fact. Carbon dioxide is not a pollutant. Our atmosphere is made up of 78 per cent nitrogen, 21 per cent oxygen and 0.9 per cent argon. The other 0.1 per cent is made up of a lot of trace gases, and one of them is carbon dioxide. Carbon dioxide is 0.04 of the atmosphere. To put that in a mathematical equation, according to the IPCC, man is responsible for three per cent of that 0.04 per cent. That equates to 0.0012 per cent of the atmosphere. Australia is responsible for 1.4 per cent of that. So 1.4 per cent of 0.0012 per cent is 0.0000168 per cent of the atmosphere. What we are proposing to do is reduce that number by 43 per cent. Forty-three per cent of 0.0000168 per cent equates to 0.00000722 per cent of atmospheric carbon dioxide. To put that into rough round figures, that is 7¼ millionths of one per cent. That is what we are trying to achieve mathematically by implementing 43 per cent zero net carbon.

Investments in renewable energy generation, solar and wind, have already put Australia in a very precarious position regarding electrical energy security. Prices are escalating rapidly to the serious detriment of our economy. We once had cheap electricity, and now we have amongst the most expensive electricity in the world. Legislating for an even more aggressive pursuit of a flawed strategy will give rent-seekers and activists the leverage to make the situation worse by compelling the private sector to make wrong decisions. Moreover, we have denied ourselves the rational alternatives, including HELE coal-fired power stations, access to enormous natural gas reserves and nuclear power generation. Australia cannot return to low inflation rates, greater industrial self-reliance and reduced costs of living without reliable, low-cost energy that is achievable by utilising our abundant resources.

During last week, all seven of Queensland's coal-fired stations operated near maximum capacity, exporting 900 to 1,000 megawatts of electricity daily to all southern states, and yet we are told that they must be phased out as soon as possible. The notion that solar panels and wind turbines can reduce emissions is a myth. Due to the construction materials required, they have a negative environmental impact.

This bill claims to implement a range of new policies and programs, including rewiring the nation, an enhanced safeguard mechanism and Australia's first electric vehicle strategy to drive emissions reductions necessary to meet these targets. I would like to draw your attention to the Queensland Transport and Public Works Committee—which I was a part of—inquiry into transport technology that was held in 2020. The inquiry investigated the implementation of electric vehicles in Queensland. The Department of Transport and Main Roads said:

… if EVs are typically charged during peak demand periods, EV charging will be more costly for owners and electricity demand will increase to levels that require our relevant local networks to be upgraded. That cost will ultimately be reflected in increased electricity prices for everyone.

I seek leave to table that document.

Leave granted.

I'll turn now to the safeguard mechanism outlined in the bill. Under the safeguard mechanism, businesses that have emissions over the baseline must buy carbon credits for the emissions above the baseline. Of the 215 largest industrial facilities, 28 are operating in the Capricornia electorate and 18 in the Flynn electorate in Central Queensland. Labor's modelling shows that this will force these businesses to purchase 40 million tonnes or $166 billion worth of offsets by 2030 based on current Australian carbon credit unit prices. That's $1.66 billion in costs that will make these businesses less competitive, forcing jobs and industries offshore. Modelling of the government's plan found that forcing net zero by 2050 through a mandated approach would require a carbon tax of between $80 and $400 a tonne and the conversion of up to 10 per cent of productive agricultural land into vegetation to store carbon. Ultimately this carbon tax on regional Queensland and Australia will force job losses.

I would like to turn to a Financial Review article that clearly highlights a total backflip by the honourable member for McMahon with respect to our safeguard mechanism. This newspaper article says:

Not a single Australian coal mine will be impacted by our safeguards mechanism …

That was on 21 April 2022, yet three months later, on 24 July 2022, the same newspaper stated:

Climate Change Minister Chris Bowen has argued any new gas or coal project will automatically come under the remit of the mechanism …

This is a total backflip on a Labor election promise.

I also refer to what happened this afternoon in respect of an agreement made by the Leader of the Greens and the Labor Party. This is all to do with the Australian domestic gas security mechanism. At the National Press Club today the Leader of the Greens confirmed that, to secure Greens support, the Albanese government would include in its climate change legislation restrictions on the Northern Australia Infrastructure Facility, Export Finance Australia and Infrastructure Australia. These changes will make it harder, if not impossible, for these agencies to recommend or provide finance and insurance to projects in the energy, resources and agricultural sectors. What will become of the Perdaman urea project in Western Australia, which will provide urea fertiliser for the agricultural industry? Are these projects going to be terminated?

As I said, Australia produces one-quarter of the world's emissions of carbon dioxide. The proposed legislation would reduce this by a small fraction of the extra emissions coming from recent increases in coal usage in Europe and the planned increases in India, China, Korea and Africa. So this is pious and aspirational virtue signalling which can have no effect on emissions worldwide. In just 16 days China produces the equivalent of Australia's entire yearly emissions.

I would like to close with some more science. I know that the speed of light is faster than the speed of sound. That is why those opposite appear bright until they begin to speak.

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