To Secure Climate Credibility, Govt Must Invest Carbon Price Revenue in Clean Tech

Climate Change Minister Greg Combet has used a National Press Club address to announce that 50 per cent of proposed carbon price revenue will be allocated for household compensation. To lock in its credibility, the Gillard Government must allocate the other half to clean technology projects.

Matthew Wright, Executive Director of Beyond Zero Emissions (2010 Young Environmentalist of the Year) says:

‘The government must stand firm against the greenhouse mafia and use the remaining funds for investing in cleantech projects for the public good. It’s the only way for Gillard to lock in her credibility on this issue.’

Beyond Zero Emissions acknowledges the government’s responsibility to protect low-income householders from carbon price impacts. But it also has a responsibility to invest in the renewable energy sources that will ensure our economic prosperity into the future.

‘The Gillard government must ensure that climate change and renewable energy initiatives get the remaining share of carbon price revenue. These investments are critical for Australia to transition to a zero-carbon economy,’ says Matthew Wright.

Allocating revenue for clean technology would help Australia keep up with the decarbonisaiton efforts of the European Union. Countries like Spain and Germany are now using feed-in tariffs and other policies to bolster the regional carbon price. These incentives are helping to drive the deployment of renewable energy sources.

Wright adds:

‘It’s important to put a price on carbon, but it is just the first small step. Australia needs a carbon price plus framework like the European Union. Germany and Spain are now incentivising domestic renewable energy industries with feed-in tariffs and additional investment measures.’