Press conference in Queanbeyan, NSW

CHRIS BOWEN: Australia’s renewable energy transition is well underway, but we have a long way to go as well. And here in Canberra the Neoen battery just behind us, behind the substation here, was constructed with the help of the Clean Energy Finance Corporation and right across Australia there are examples of that. The CEFC is part of the reason why Australia’s transition has gotten this far. A proud creation of the last Labor Government and it’s time to refresh it and refurbish it. We are finding there’s such demand, such interest in Australia for investment in renewable energy, it’s time to invest more in the Clean Energy Finance Corporation. The CEFC as I said has been very successful but it’s never had an additional investment over and above the existing capital in the general portfolio, so the Albanese Government has invested $2 billion in the replenishment of the CEFC’s general funds. Every dollar that the CEFC invests creates at least $3 of private sector investment and it makes money for the taxpayers. It’s not a subsidy, this is something which provides a return to taxpayers. Investing in the jobs and energy of the future, and making money for Australians as it goes. The CEFC is one of the biggest and most successful green banks in the world, clean energy finance corporations in the world, and we believe in it. Now the previous Liberal government tried to unwind [inaudible] on multiple occasions and the Labor party and the cross benchers defended it. Not only did we defend it, we believe in it, we invest in it. It’s up to Mr Dutton to announce what he would do with it. But our plans are very clear, we are investing in it. We believe in it and we want to see it investing more, including in households. We’ve invested through the Household Energy Upgrade Fund, helping households make the investment decisions they choose to, with lower interest rates through the CEFC. So these are the sort of investments together with the big stuff, the big batteries like this and other investments have a great future in Australia, a certain future under the Albanese Government. Happy to take questions.

JOURNALIST: This announcement comes in the context of a degree of global uncertainty with the, given the Trump Presidency. Can we take this announcement, significant announcement, as a sign Australia [inaudible] of its ambition of the transition in light of anything Trump will do.

BOWEN: Short answer, yes. We’ve always based our policies on Australia’s best interests, Australia’s economy, Australia’s circumstances and they haven’t changed. It’s been in Australia’s best interests to invest in a renewable energy future for many years. It took the Albanese Government to come along and make that a reality. The fact of the matter is, the key to our economic future is investing in the jobs and energy of the future so we can unlock markets which will require decarbonised products for example. Now overseas administrations can change, countries will change approach. The US as we’ve just seen, the UK last year. New policies will come on board. That’s entirely a matter for those countries. In our case we’ll base our policies unapologetically on what is in Australia’s best interest, and Australia’s best interest is to keeping on going with this transition.

JOURNALIST: If that’s the case, why then does the Climate Change Authority need extra time to assess the impact of the Trump administration?

BOWEN: They’re quite separate matters Dan, to be honest. The Climate Change Authority is examining what advice to give me and the Government. Now there are various implications not so much of whether we keep going with this transition or not, but for example as I’ve said before we need to see what happens with the Inflation Reduction Act for example, because that changes the cost of [inaudible] products. On the other side of the equation, if a country decides they want less renewable energy investment, that opens up other opportunities for Australia. Now the Climate Change Authority quite appropriately is taking some time to give advice to Government. It is unlawful for us to proceed without that advice and we will follow that legislated proper process at all times.

JOURNALIST: But is it inconsistent to say on the one hand nothing changes for us with the election of Donald Trump, but on the other hand things may change…

BOWEN: I think I’ve just given a realistic answer to Dan’s question, you’ve just asked the same question another way…

JOURNALIST: In terms of how you prepare for a Trump Presidency, how you’re responding to it, are you having Departmental briefings today, in the last few days to get a sense of it?

BOWEN: Of course I’m in regular contact with the Department about what’s happening around the world, not just in the United States. But that doesn’t change the focus on continuing to conduct this transition in Australia. I was in the United States on official business late-ish last year talking with both sides of US politics. We maintain those relations, it’s been very clear that our Government’s approach is to work as constructively as possible with administrations right across the world and the United States is no different.

JOURNALIST: You say the US is still a potential partner, maybe not in the Trump Administration but do you see opportunities within individual US states for example?

BOWEN: We will work with anyone where we identify a national interest, so we already have for example an existing Memorandum of Understanding with the Californian administration, California is a very big economy, bigger than Australia, in and of itself. So of course we will be looking at those opportunities [inaudible].

JOURNALIST: Do you accept though that the biggest economy pulling out of Paris, does that make it harder for the Paris Agreements objectives to be met, for cooling to be kept at below 1.5 degrees on average?

BOWEN: Oh we’re not giving up on that. And every little inch difference from 1.5 makes a huge difference. So, it’s appropriate that the world keeps working towards it because the implications of [inaudible] being possibly over 1.5 for human health are very significant. I’m not a commentator on international things, I’m a policy maker and I’ll continue to make policies in the best interest of our country.

JOURNALIST: Are you concerned other countries will follow Donald Trump’s suit?

BOWEN: It’s a matter for them.

JOURNALIST: Peter Dutton has accused the Government of having a secret 2035 target, that will drive up prices. Putting aside the fact the Opposition wont have interim targets…

BOWEN: With all due respect Dan, you can’t say just put that aside. I mean this is a man who doesn’t have a 2030 target lecturing other people. Get a plan, Mr Dutton and then we’ll debate the plan. He doesn’t have a plan. His only plan is to keep coal fired power in the grid for longer while we wait for his nuclear fantasy to come onboard. He comes to this discussion with zero credibility. If he wants, dares, if Peter Dutton – he has more front than David Jones. He goes out there and starts talking about 2035 when he can’t tell you, or your colleagues, or Australians what his ideas for 2030 are.

JOURNALIST: Have you held any discussions with members of the Trump Administration on how Australia can work together?

BOWEN: Before the election, I met with the person who it turns out is the incoming Treasury Secretary, together with our Treasurer, on the basis that he may well be the Treasury Secretary. The other officials including the Treasury Secretary haven’t been confirmed by the Senate and under the Logan Act and how it works in the United States they’re not able to interact with other countries until they’ve been confirmed.

JOURNALIST: So will you need to work harder to strike more deals with more countries as far as working together to develop export markets for low emissions products?

BOWEN: We were already working hard on that and we’ll continue to work hard on that, the best example perhaps is Germany with our green hydrogen agreements which are very far reaching agreements with Germany. German Government investing in Australia. But that’s really something we will be doing regardless of the United States.

JOURNALIST: The latest result of polling for Labor’s primary vote in NSW is very low, how concerned are you about the party, or the state of the party…

BOWEN: We’ll be working very hard in this election to win every vote, to earn every vote. We take nothing for granted, absolutely nothing for granted as we should, and that’s right for Australia. As Mr Dutton should. I think he’s getting a bit cocky, Mr Dutton’s getting a bit cocky [indistinct]. We are going to be fighting for every vote, I believe we have a very compelling story to give to the Australian people, which is, we have started to change the country in our first term, the country, I think was ready for that change. The Morrison era was a very difficult period for Australia. We have to keep going with that change and we’ll be asking for a mandate to keep going with that change.

JOURNALIST: Is it time to concede your $275 pledge will not come to fruition.

BOWEN: Greg, I’m not about to walk away, and the Government is not about to walk away from our ambitions to make energy as cheap as possible for Australians and that includes getting more renewable energy, which is the cheapest form of energy available… Mr Dutton’s plan is for the most expensive form of energy in 2037. I’m more than happy for us to debate our competing plans in the lead up to the next election.  

JOURNALIST: But that particular pledge won’t be met, for whatever external reasons are, that won’t happen.

BOWEN: We’re not walking away from our ambition to achieve cheaper energy. You’re a commentator…

JOURNALIST: Before the election, you had your own modelling, plan, to reach the 43 per cent target, you said that was not a political target, it was based off the policies you had before the election. But since the election you’ve been forced to implement a whole range of new policies in order to meet that target. Was, do you concede the modelling you had before the election was wrong?

BOWEN: No, and I don’t agree with the sort of construction there but without going into the details, we said before the election we’d achieve 43 per cent emissions reduction target. Governments outline policies that respond to emerging events, as we have done. I’m very pleased the forecasts released last year, the projections late last year by and large we’re at 43, 42.5…

JOURNALIST: …because you adopted new policies…

BOWEN: Well if you’re going to criticise the Government for responding to events and continuing to achieve, you can make that criticism. I’m pleased that we’re on track for 43 per cent…

JOURNALIST: What is the Government doing to get more gas out of the ground… the future gas plan…[inaudible]

BOWEN: It’s really a walk around the park isn’t it Greg, you’re going to all issues and that’s ok. Look, gas plants will be based on their merits on particular projects, they’re all quite different. Our approach is you need gas in the system for a long time to come. Gas is a very flexible fuel, we need it for our electricity grid, gas fired power stations can be turned on and off at two minutes notice, they’re zero emissions when they’re turned off and that’s a good thing, and they’re very valuable to the grid when they are turned on and that’s a useful thing. Coal cant be turned on and off, nuclear cant be turned on and off. Gas has a role to play because its so flexible, it has a role to play in industry, it has a role to play with the 5 million houses that use it for direct home heating. So it has a role for years to come and every project will be assessed on its merits.

JOURNALIST: Do you think if Labor wins the next election with the policies it has and the approach it wants to take that it will set the country on an irreversible path in terms of how we reach net zero?

BOWEN: I think that obviously, we want a second term to continue the work we’ve started. I’m pleased with the progress we’ve made in the first term but not satisfied because there’s so much more to do. This transition right around the world is well underway, but the question that Australia will face is, do we choose to harness the opportunities in this transition, or do we refuse them. Do we pretend its not happening, as Mr Dutton would do, or do we embrace it and create the jobs of the future. That’s the choice facing Australians this year. We will be offering the Australian people a change to embrace this change, to maximise the economic opportunities for our country to create jobs for the future, well paying jobs, in energy of the future for young people, for people mid career. Mr Dutton will be closing all that down, he will be taking Australia back to the Morrison era. That is the choice for Australians this year. That’s a wrap, thank you.