The increased reliance on fossil fuels under Dutton’s plan could generate an additional 2.3 billion tonnes of greenhouse emissions – more than five years’ worth of Australia’s annual emissions of 433 million tonnes in 2023 – compared to the government’s renewable energy strategy, according to analysis from Solutions for Climate Australia.
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With the first of the Coalition’s proposed nuclear plants not scheduled to come online for more than a decade, senior opposition MPs are warning Australia’s renewable rollout should be scaled back and the role of coal expanded.
“The Coalition’s plan for nuclear reduces the need for large-scale renewable developments,” Nationals Leader David Littleproud said.
“Projects should be based on merit, rather than Labor’s ideology of 82 per cent renewables by 2030.”
Nationals MP Keith Pitt said it was inevitable that coal plants would need to be extended, as they have been by state Labor governments in Victoria and NSW.
“Coal needs to be extended otherwise the lights go out,” he said.
Another pro-nuclear Nationals MP, Matt Canavan, told colleagues the party should speak more about the need for coal as part of the Coalition’s energy plan.
At a party room meeting on Wednesday, Canavan said the opposition should be upfront about the fact that coal would help fill the energy gap created by slowing down renewables and waiting for nuclear to come online to reach net zero emissions by 2050. Several MPs, speaking anonymously to detail private conversations, confirmed Canavan’s remarks.
Australia has emerged as one of the most attractive destinations for private capital to invest in the green energy shift, as the nation’s ageing fleet of coal-fired power stations increasingly bring forward their retirement dates, while state and federal governments have provided regulatory certainty with strong renewable energy targets.
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BlackRock, which oversees more than $US10 trillion ($15 trillion) of investor funds and ranks as the world’s biggest asset manager, has selected Australia to launch the rollout of its biggest investment in batteries globally through its acquisition of Melbourne-based Akaysha Energy in 2022. Canadian giant Brookfield, meanwhile, has previously attempted to acquire the nation’s top electric utilities, Origin Energy and AGL.
The threat of Australia’s near-term climate and renewable commitments being unwound if the Coalition returns to government would “dampen the global attractiveness of Australia” as a destination for clean energy investors, Crestias said.
“Imposing a cap on renewable energy investment at this critical juncture would be a regressive policy,” she said.