That Labor has put aside billions for a niche and unproven sector of the green economy is unsurprising given their abysmal history of picking winners when it comes to energy, writes Nick Cater.
He also managed to squeeze in a little help for battlers like Andrew Forrest who was one of the biggest winners from the announcement of $2 billion in subsidies for green hydrogen.
In March, US ambassador Caroline Kennedy challenged Australia to match and “beat” Biden’s subsidy-driven green new deal and Labor has risen to the challenge. They might also query why Energy Minister Chris Bowen has chosen to support such a niche sector of the green economy when there are further developed technologies to choose from.
Kevin Rudd’s government put a lot of money into that one as part of its $4.5 billion Clean Energy Initiative.Then there was Rudd’s obsession with solar-thermal generation which he supported under the $1.5 billion Solar Flagships program.The Rudd government’s $2 billion Carbon Capture and Storage Flagships program was arguably more successful.
Yet even now Labor is foolishly ruling out nuclear even though the technology has developed in leaps and bounds making it cheaper, quicker and even safer to install.He insists that fighting climate change is so important that all zero-emissions technology must be on the table.
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