Federal and state governments regularly hand out or contribute vast sums of money directly to the fossil fuel industry.
In recent years, the Federal Government has announced plans to dole out hundreds of millions to the climate-wrecking gas industry, much of which is linked to its heavily-criticised and dubious “gas-fired recovery” from the COVID-19 pandemic. A mere handful of these measures, listed in the Government’s 2021-2022 budget, include:
- $173.6 million for roadworks in parts of the Northern Territory to facilitate the development of polluting gas in and around the Beetaloo Sub-basin
- $30 million backing a proposed gas-fired power station in Port Kembla
- $38.7 million for gas infrastructure projects to facilitate pumping even more fossil gas along Australia’s east coast
- $24.9 million to facilitate the use of hydrogen in new gas power stations, even though hydrogen produced from gas and coal is highly polluting
- $74.3 million to “unlock Australia’s gas reserves” and accelerate operations in the North Bowen and Galilee Basins
In addition to isolated announcements such as this, several Australian federal and state bodies and initiatives directly contribute to the expansion and continuation of the fossil fuel industry.
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Geoscience Australia is a government body that engages in fossil fuel exploration as one of its major operations. This is a service that it provides to the industry. One of Geoscience Australia’s major projects, named ‘Exploring for the Future’, is a $225 million initiative over the years 2020-2024.
The program includes exploring for, and encouraging investment in, oil and gas by publishing data gathered using geophysical surveys.
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Last month, in response to members’ demands to fully divest from Santos and all other companies pursuing new and expanded coal, oil and gas projects, UniSuper said: ‘we actively engage with companies to improve Environment Social and Governance practice and reporting. We believe engagement is better than divestment’.
Yet in releasing this latest climate report, UniSuper has said it does not hold enough stock to engage with Santos.
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Geoscience Australia is a government body that engages in fossil fuel exploration as one of its major operations. This is a service that it provides to the industry. One of Geoscience Australia’s major projects, named ‘Exploring for the Future’, is a $225 million initiative over the years 2020-2024.
The program includes exploring for, and encouraging investment in, oil and gas by publishing data gathered using geophysical surveys, geochemical sampling, hydrological mapping and stratigraphic drilling.
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Market Forces is very concerned with UniSuper’s new fossil fuel exposure limit as outlined in its Climate Risk report, that would allow the fund to increase investment exposure to the sector to 7 per cent, two and a half times its current level.
“It is inexplicable that UniSuper is giving itself leeway to massively increase fossil fuel investments, given the fund’s continued sale of its Woodside and Santos shares” said Mr van de Pol.
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Market Forces is very concerned with UniSuper’s new fossil fuel exposure limit as outlined in its Climate Risk report, that would allow the fund to increase investment exposure to the sector to 7 per cent, two and a half times its current level.
“It is inexplicable that UniSuper is giving itself leeway to massively increase fossil fuel investments, given the fund’s continued sale of its Woodside and Santos shares” said Mr van de Pol.