Senate debates

Thursday, 13 October 2011

Bills

Banking Amendment (Covered Bonds) Bill 2011; Second Reading

2:08 pm

Photo of Chris EvansChris Evans (WA, Australian Labor Party, Leader of the Government in the Senate) Share this | Hansard source

I thank Senator Pratt for her question and make it clear that the government are taking very important steps to move Australia to a clean energy future because we know it is about securing Australia's economic future. Australia must not be left behind as the rest of the world moves to a clean and renewable energy based economy. The race to create low-emissions economies is on. The time for Australia to make the move is now.

Ninety countries representing 80 per cent of global emissions and 90 per cent of the world's economy have already pledged to take action on climate change. Globally, more money is now invested in new renewable power than in conventional high-power generation. China is now the largest manufacturer of both solar panels and wind turbines. India has a tax on coal, which is expected to generate more than half a billion dollars annually to fund research into clean energy technologies. The time for action is now. This is clearly the time to plan for a clean energy future. We need to cut pollution, we need to create clean energy jobs and we need to promote clean and renewable energy. Australians get that. They understand that it is important for the future of Australia's economy.

Under this government, polluters will pay and drive investment in low-emission technologies and renewable sources of energy. We are determined to make this happen. If we do not act, we will put at risk the future of our economy. We will put at risk the jobs of our children. Our competitors will race ahead in investment in low-emission and clean energy technologies, and Australians will miss out on the jobs and the economic opportunities that will come with the transition of our economy to clean energy.

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