Senate debates

Monday, 18 October 2021


Export Finance and Insurance Corporation Amendment (Equity Investments and Other Measures) Bill 2021; In Committee

6:35 pm

Photo of Dorinda CoxDorinda Cox (WA, Australian Greens) Share this | Hansard source

I move Australian Greens amendment (1) on sheet 1406:

(1) Page 7 (after line 16), at the end of the Bill, add:

Schedule 3 — Fossil fuels

Export Finance and Insurance Corporation Act 1991

1 Subsection 3(1)


fossil fuel-based infrastructure:

(a) subject to paragraph (b), includes infrastructure for:

(i) the extraction or transportation of fossil fuels; or

(ii) fossil fuel-based electricity generation; and

(b) does not include electricity transmission infrastructure.

fossil fuels includes any of the following:

(a) coal;

(b) oil and other petroleum-based products;

(c) natural gas;

(d) products, by-products and wastes from extracting or processing fossil fuels to which paragraphs (a) to (c) apply.

2 Subsection 3(1) (definition of Northern Australia economic infrastructure )

Repeal the definition, substitute:

Northern Australia economic infrastructure:

(a) subject to paragraph (b), has the same meaning as in the Northern Australia Infrastructure Facility Act 2016; and

(b) does not include fossil fuel-based infrastructure.

3 Subsection 3(1) (definition of overseas infrastructure development )

After "of infrastructure", insert "(other than fossil fuel-based infrastructure)".

4 Before section 81


80A Prohibition on assistance for fossil fuel-based infrastructure

(1) Assistance must not be provided under this Act if the assistance is for purposes relating to, or is expected to result in, the development of fossil fuel-based infrastructure.

(2) It must be a condition of any assistance provided under this Act that the assistance not be used (whether directly or indirectly) for the development of fossil fuel-based infrastructure.

(3) Assistance includes a guarantee, indemnity, loan, insurance, reinsurance, financial service, financial product, subsidy or investment.

This amendment seeks to prohibit Export Finance Australia from investing in fossil fuel projects and fossil fuel based infrastructure. Since 2009 EFA has invested at least $1.57 billion in fossil fuel projects, and we can't afford to be propping up fossil fuel projects anymore. It's bad for the climate and it doesn't make any economic sense. In order to respond to the global climate crisis we need to ensure export finance is not being used to invest in fossil fuels. There is a very real possibility that the government will want EFA to fund gas import terminals throughout South-East Asia in a desperate attempt to find more customers for our gas. We cannot let this happen if we want to stay below the 1.5 degrees of warming. The International Energy Agency has said that to meet the Paris objectives, not one new coal or gas infrastructure project can proceed. By voting against this amendment both parties are abandoning a chance of a safe climate.


No comments