Barnaby Joyce, recently returned Nationals leader and deputy prime minister, says Australia needs high-efficiency, low-emissions coal power plants, as well as revenue from continued exports of thermal coal, to fund social services.
While DC liberals have made clear they will not support new coal-fired power and the International Energy Agency has advised wealthy countries to phase out coal-fired power plants by the end of the decade, Joyce used an interview on Sky News to endorse modern coal. Factories, and declares that it supports nuclear reactors.
“We definitely need high-efficiency, low-emissions coal-fired power plants,” Joyce said before sharing his thoughts on coal exports.
“Nobody likes big holes in the ground…but the point is, you love your health system, you love your education system.
“The money must come from somewhere. From red rocks – iron ore. From black rocks – coal.”
The deputy prime minister also criticized Australian banks for managing carbon risks.
In response to a question from Sky host Alan Jones, what he would say “to people like the governor of the Bank of England, or our banks here – ANZ won’t fund the port of Newcastle – and the governor of the Reserve Bank”, Joyce declared Australian banks were the recipients of government protection, meaning they should be There is reciprocity.
Joyce noted that Australian “four-pillar” banking regulations – competition policy under Keating – prevented any merger of the major banks.
We are protecting [the banks]Right, we’re protecting them from competition,” the Citizens leader told Jones.
“I think this comes with a responsibility that if there’s something legal and financial, you have to invest in it.”
He noted that “a lot” of bank executives “believe they owned the banks, they made the banks.”
“No. They did too well for an interview, which landed them a job at the bank, and they don’t have it, it’s not their money and they should think about it and stop acting like it’s their actual money.”
Keith Peet, Queensland’s Minister for Resources and National, who lost his cabinet position in a recent cabinet reshuffle over Joyce’s return, last year called for a parliamentary inquiry, headed by George Christensen, a longtime Joyce supporter, after ANZ’s commitment on climate change to back off. . Business clients who have been exposed to physical thermal coal.
The ANZ index in the market last October caused panic among the citizens. The Secretary of Agriculture, David Littleproud, called for a boycott of the bank, and Michael McCormack, then deputy prime minister, declared the bank’s plan a “sign of virtue.” Christensen has previously denied the link between climate change and the severity of natural disasters.
While some citizens argue that carbon risk management practices by banks are unnecessary, the Reserve Bank of Australia has issued clear warnings that climate change exposes financial institutions and the broader financial system to risks that will rise over time if action is not taken.
The Reserve Bank of Australia says that while climate change does not pose a significant threat to financial stability in Australia, it is becoming increasingly important for investors and institutions to actively manage carbon risks.
Banks and their lobbying arm, the Australian Banking Association, have also used the new requests for the House Parliamentary Inquiry to refute claims by senior citizens that their actions amount to moral positions or indicate virtue.
Major banks and the ABA have indicated that current carbon risk practices – that is, disclosing information about climate exposures and calculating potential risks of climate change on their balance sheets – are requirements driven by international governance setting bodies, of which Australian regulators and Australian companies are members.
Citizens were resisting Scott Morrison’s attempt to pivot on climate policy. The prime minister says he supports Australia reaching net zero emissions as soon as possible, and “preferably” by 2050.
Although Morrison has made clear that no net-zero commitment will be legislated, the transition will include the use of gas as a transition fuel, and the government will work to ensure regional Australia benefits from the transition by building new industries, such as hydrogen – some citizens have dug in their wake.
Joyce told Jones that he was a supporter of Australia’s adoption of nuclear power if people wanted to generate zero-emissions energy. But, he said, whether the nation has gone down this path is ultimately a matter of voters.
“I can’t change the nuclear posture,” the national leader said. “I think we should have nuclear power, and I think anything that makes our nation a stronger place, that’s the way we have to go, and if people want zero emissions — well, that’s it, that’s it.
“I mean, you have your wind, you can have your solar, but if you want a baseline, achievable, 24/7, zero-emissions energy, nuclear does it.”
Joyce said the small modular reactors could “supply Tamworth, Armidale and a lot of other towns with ‘technology you can move’ on the back of a truck.”