Labor unveils Powering Australia plan

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WHAT IS IN LABOR’S POWERING AUSTRALIA PLAN?

Labor leader Anthony Albanese has released his party’s emissions policy just weeks after the COP26 summit and months out from a federal election with climate change being a key issue.

KEY PROMISES

* Reduce Australia’s emissions by 43 per cent on 2005 levels by 2030.

* Net zero emissions by 2050.

* Creation of 604,000 jobs, with five out of six new jobs to be created in the regions.

* Expected $76 billion of investment.

* Power bills for families and businesses to be cut by $275 a year by 2025, compared to today.

* Australia will seek to host the COP29 climate summit.

HOW WILL IT ACHIEVE THE PROMISES?

* Upgrade the electricity grid to fix energy transmission and drive down power prices.

* Make electric vehicles cheaper with an electric car discount and Australia’s first National Electric Vehicle Strategy.

* Uses the existing safeguard mechanism and only covers facilities already part of that scheme.

* Allocates up to $3 billion from Labor’s National Reconstruction Fund to invest in green metals (steel, alumina and aluminium), clean energy component manufacturing, hydrogen electrolysers and fuel switching, agricultural methane reduction and waste reduction.

* Direct financial support for measures that improve energy efficiency within existing industries and develop new industries in regional Australia through a new Powering the Regions Fund.

* 85 solar banks around Australia to ensure more households can benefit from rooftop solar.

* 400 community batteries across the country.

* Reducing the Australian Public Service’s emissions to net zero by 2030.

* Restoring the role of the Climate Change Authority, while keeping decision-making and accountability with government and introducing new annual parliamentary reporting by the minister.

(Source: Powering Australia document)

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