The Minister for Resources and Energy, the Hon Martin Ferguson MP, said today "Responding meaningfully and effectively to climate change while maintaining adequate, reliable and affordable energy remains a key challenge for the Government and the energy sector".
“Continuing investment in energy resources and supply infrastructure is vital.”
“We know from experience that competitive markets and effective regulatory frameworks help deliver the right level of investment and in turn deliver ongoing access to adequate, reliable and affordable energy services,” Mr Ferguson said.
Mr Ferguson said it is the job of the national government to provide the leadership necessary to get the policy settings right to deliver open, competitive markets and investment certainty for the energy sector.
“As the Minister for Energy, this is my top priority,” he said.
In a wide-ranging speech, Mr Ferguson restated his commitment to:
1. Encourage oil exploration as the nation faces an increasing oil import bill with just a decade of known resources remaining.
2. Do more with our vast reserves of coal and gas, including encouraging conversion to ultra clean diesel using coal-to-liquids and gas-to-liquids technologies.
3. Continue with national energy market reform, including establishment of the National Transmission Planner within the Australian Energy Market Operator and the roll-out of smart meters where the benefits outweigh the costs.
4. A National Energy Security Assessment.
5. An economically responsible emissions trading scheme.
6. The $500 million Renewable Energy Fund.
7. The $150 million Energy Innovation Fund.
8. The $500 million National Clean Coal Fund and the National Clean Coal Initiative.
9. Introduce a world first regulated carbon capture and storage regime this year.
10. The Energy Efficiency Opportunities Program for business.
Mr Ferguson said that Australia has to not only look to its own future when it comes to energy security and cleaner energy technologies, it has to be part of the solution to the environmental impact of economic growth in the Asia-Pacific region.
“As an energy exporting nation, we cannot protect our own economic future otherwise,” he said.
Media contact: Tracey Winters (Canberra) 0439 991 730