News

Green bank could fund coal under Malcolm Turnbull rule changes

Source: The Age

Labor says the Turnbull government is preparing to conduct an “outrageous act of vandalism” as it looks to overhaul the nation’s $10 billion “green bank” by imposing a mandate to allow coal power. As Finance Minister Mathias Cormann declares Australia needs to “step away” from the “ideologically-driven policy prescriptions” to reduce carbon emissions set by Labor and the Greens, opposition climate change and energy spokesman Mark Butler hit out at government plans to reshape the Clean Energy Finance Corporation. The government is planning to repeal a ban on investmen­ts in carbon capture and storage, challenging Labor in parliament to vote in line with its past support for technology that cuts emissions from coal-fired power plants. The government is also pursuing changes to the mandate it sets for the mammoth fund in order to instruct it to consider investmen­ts in “ultra-supercritic­al” coal power that can cut greenhouse gas emissions by 25 per cent or more.