Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for Fremantle, not just for the question but for his advocacy for climate change action. He has been a very strong advocate in his local electorate and around the country of the need for Australia to move forward into this century, because we've been held back. We know that, under the previous government, we saw four gigs out and one gig in when it came to energy production.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for Barker for the most substantial contribution he's made since he joined this chamber!

The fact is that renewable energy is the cheapest form of energy. Renewable energy is the cheapest form of energy, which is why our program—our 'powering the nation' plan—will lead to a lowering of power prices. And that's what the business community understand. That's why the Business Council of Australia support it. That's why the Australian Industry Group support it. And that's why the Australian Chamber of Commerce and Industry support it as well. All of the major business groups are saying to those opposite: 'Get out of the way! We've had a decade of denial, and what we need is a government that has a program that encourages investment, because investment is the key to lowering prices for businesses.' That's why they want to do it.

But it's not just Australian investors. Yesterday I met with Ignacio Galan, the chairman and CEO of Iberdrola. Now, they are major global investors in renewable energy. They are one of the world's largest offshore wind developers. They've commissioned the largest green hydrogen plant in Europe—just near Madrid, occupying a space previously held by a coal-fired power station—creating jobs, for the local communities, in new industries. On Monday, Iberdrola announced plans to invest another $4.4 billion in renewable energy in Australia. That's what we'll see as a result of the passing of this legislation. I thank all those in the House and the Senate who supported this legislation.

On that basis, I ask that further questions be placed on the Notice Paper.