This morning the Senate has passed legislation to put in place the Emissions Reduction Fund.
For nearly five years the Emissions Reduction Fund has been the centrepiece of the Coalition’s plan to tackle climate change.
It is a cost¬ effective and practical approach that will reduce our national emissions without a multi-billion dollar carbon tax.
The Coalition took plans for an Emissions Reduction Fund to two elections. Labor never took plans for a carbon tax to an election. In fact, Labor promised never to introduce a carbon tax.
At the last election the Coalition was given a clear mandate to introduce the Emissions Reduction Fund and we are delivering on our commitment.
We are delivering on our promise to the Australian people to tackle climate change without a painful carbon tax.
The $2.55 billion Emissions Reduction Fund will help Australian businesses and communities enjoy the benefits of a cleaner environment and help Australia to meet its emissions reduction target of five per cent below 2000 levels by 2020.
We’re providing incentives for businesses and organisations to come forward with emissions reductions opportunities that they’ve identified across the Australian economy.
Competitive auctions will be held and the Government will enter into contracts to buy emissions reductions from successful bidders at lowest cost.
We will achieve emissions reductions that are real and significant. This is because payment for abatement will only be made when emissions reductions are actually delivered.
The contrast between the climate change policies of the Coalition and Labor could not be more stark. We want to provide incentives to create positive change. Labor wants to punish Australian families for going about their everyday lives.
The Carbon Farming Initiative Amendment Bill 2014, which puts in place the Emissions Reduction Fund, will now return to the House of Representatives.