Thursday, 13 May 2021
Northern Australia Infrastructure Facility Amendment (Extension and Other Measures) Bill 2021; Second Reading
I move Greens amendment (1) on sheet 1283, circulated earlier:
(1) Schedule 1, page 7 (after line 23), after item 15, insert:
15A At the end of Part 2
8A Prohibition on assistance for new fossil fuel projects
(1) Financial assistance must not be provided under this Act for the development of fossil fuel-based infrastructure associated with a new fossil fuel project.
(2) It must be a condition of any grant of financial assistance under this Act that the financial assistance not be used (whether directly or indirectly) for the development of fossil fuel-based infrastructure associated with a new fossil fuel project.
(3) Without limiting subsection (1), neither the Facility nor a subsidiary of the Facility may invest (whether directly or indirectly, including as a participant in a partnership, trust, joint venture or similar arrangement, through subsidiaries or other investment vehicles, or by any combination of these means) in fossil fuel-based infrastructure associated with a new fossil fuel project.
(4) In this section:
fossil fuel-based infrastructure:
(a) includes fossil fuel-based electricity generation capacity; and
(b) includes infrastructure relating to extraction, processing, storage and movement of fossil fuels; and
(c) does not include electricity transmission infrastructure.
fossil fuels includes any of the following:
(b) oil and other petroleum-based products;
(d) products, by-products and wastes from extracting or processing fossils fuels to which paragraphs (a) to (c) apply.
new fossil fuel project means a project for the development of fossil fuel-based infrastructure that:
(a) receives the relevant authorisation to begin development on or after the commencement of this section; and
(b) is not a project for the further development of existing fossil fuel-based infrastructure.
They say that we shouldn't fund new fossil fuel projects—