NSW should invest Snowy Hydro buyback proceeds in climate action

The NSW Greens are calling on Premier Gladys Berejiklian’s commitment to ensure proceeds from the multi-billion dollar buyback of NSW's stake in the Snowy Hydro scheme are directed into climate action.

NSW Greens Treasury and Climate Change spokesperson Justin Field gave a notice of motion in State Parliament yesterday stating:

“Should the buyback occur, [NSW Government] commit to boosting the state’s Climate Change Fund and committing these proceeds to infrastructure and programs that bring down the state's carbon emissions, help communities to make the transition away from fossil fuel industries and mitigate the impacts of climate change on the environment, our community and the economy”

Full motion below and video here: https://drive.google.com/open?id=0B9GFQCz85ccec2x0eVhQRmFpNjg

Mr Field said, “The Greens offer contingent support to the Premier to pass the Snowy Hydro buyback through parliament if she commits to the proceeds being allocated to top up the state's Climate Change Fund and ensure this money is directed towards climate change mitigation. This would include infrastructure and programs to transition the NSW economy towards renewable energy.

"The failure of the Federal Government to adequately address climate in this year's budget can be partially offset by NSW using buyback proceeds on effective programs that can reduce carbon emissions, help transition the NSW economy away from fossil fuels and achieve greater protection against the impacts of climate change.

“Media reports place the value of NSW’s stake in the Snowy Hyrdo scheme as high as $3.5 billion. The NSW Climate Change Fund has $1.4 billion allocated over the next five years. It’s a good start but the existing climate change funds are inadequate to support the transition to away from coal and gas and help communities deal with the impacts of climate change.

“Gladys Berejiklian has a prime opportunity with her first State Budget as Premier to kick-start the transformation towards a modern, renewable-powered economy. Investing in climate action will not only help safeguard communities and the environment but unlock the potential of NSW leading the world in renewable technology and innovation.

“The money from a buyback, if it proceeds, will go a long way to ensuring the state's Climate Change Fund is adequately resourced.

“The climate is changing, we are already in the age of climate consequences, the only question now is whether the Premier will step up and make the budget decisions to help avoid catastrophic climate change.

“A healthy economy relies on a genuine investment in a healthy climate,” Mr Field said.

Notice of Motion


The NSW Greens are calling on Premier Gladys Berejiklian's commitment to ensure proceeds from the multi-billion dollar buyback of NSW's stake in the Snowy Hydro scheme are directed into climate action.

NSW Greens Treasury and Climate Change spokesperson Justin Field gave a notice of motion in State Parliament yesterday stating:

"Should the buyback occur, [NSW Government] commit to boosting the state's Climate Change Fund and committing these proceeds to infrastructure and programs that bring down the state's carbon emissions, help communities to make the transition away from fossil fuel industries and mitigate the impacts of climate change on the environment, our community and the economy"

Full motion below and video here: https://drive.google.com/open?id=0B9GFQCz85ccec2x0eVhQRmFpNjg

Mr Field said, "The Greens offer contingent support to the Premier to pass the Snowy Hydro buyback through parliament if she commits to the proceeds being allocated to top up the state's Climate Change Fund and ensure this money is directed towards climate change mitigation. This would include infrastructure and programs to transition the NSW economy towards renewable energy.

"The failure of the Federal Government to adequately address climate in this year's budget can be partially offset by NSW using buyback proceeds on effective programs that can reduce carbon emissions, help transition the NSW economy away from fossil fuels and achieve greater protection against the impacts of climate change.

"Media reports place the value of NSW's stake in the Snowy Hyrdo scheme as high as $3.5 billion. The NSW Climate Change Fund has $1.4 billion allocated over the next five years. It's a good start but the existing climate change funds are inadequate to support the transition to away from coal and gas and help communities deal with the impacts of climate change.

"Gladys Berejiklian has a prime opportunity with her first State Budget as Premier to kick-start the transformation towards a modern, renewable-powered economy. Investing in climate action will not only help safeguard communities and the environment but unlock the potential of NSW leading the world in renewable technology and innovation.

"The money from a buyback, if it proceeds, will go a long way to ensuring the state's Climate Change Fund is adequately resourced.

"The climate is changing, we are already in the age of climate consequences, the only question now is whether the Premier will step up and make the budget decisions to help avoid catastrophic climate change.

"A healthy economy relies on a genuine investment in a healthy climate," Mr Field said.

Notice of Motion
Justin Field MLC
11 May 2017

Snowy Hydro scheme - Commonwealth buy-back from states

1)      That this House notes that:

a)      In the 2017-18 budget announced on May 9 the Federal Treasurer Scott Morrison announced the Commonwealth Government would consider a buyback of the Snowy Hydro scheme from the New South Wales and Victoria state governments.

b)      Media reports have suggested a Memorandum of Understanding has been signed between the Commonwealth and the NSW Government with regard to the buyback proposal.

c)       The Commonwealth Budget failed to include any substantial measures to mitigate the impact of climate change.

2)      That this House calls on the NSW Government to:

a)      make clear its intentions with regards to a buyback and make public the Memorandum of Understanding; and

b)      Commit to ensuring any buyback agreement include conditions that the Commonwealth Government retain Snowy Hydro in public ownership; and

c)       Should the buyback occur, commit to boosting the state's Climate Change Fund and committing these proceeds to infrastructure and programs that bring down the state's carbon emissions, help communities to make the transition away from fossil fuel industries and mitigate the impacts of climate change on the environment, our community and the economy.


Be the first to comment

Please check your e-mail for a link to activate your account.

Join 3,404 other supporters in taking action

Share this page