Privacy
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
Large funds “should be required to disclose their complete portfolio holdings on a six-monthly basis”
— Ellen Ripley
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.
This is a caption describing the image above and sometimes these are quite long and can run over a few lines. © Photographer attribution
Here is a header in H2
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.
Emissions detail and comparisons
Combined, the companies on the Climate Wreckers Index are pursuing new or expanded oil and gas fields with combined expected production of 114,350 million barrels of oil equivalent, and the estimated carbon dioxide emissions from combustion of this much oil and gas is more than 43,450 million tonnes.
New or expanded coal mines with combined reserves of 19,649 million tonnes and the estimated carbon dioxide equivalent (CO2-e) from combustion of this much coal is 37,723 million tonnes per year, equivalent to 65 times Australia’s annual emissions:
- Global Energy Monitor (GEM)’s ‘Global ownership of coal plants’, sorting by plants in development by MW capacity.
- GEM’s ‘Global ownership of gas plants’, sorting by plants in development by MW capacity (‘gas plant developers’).
- Urgewald’s Global Oil and Gas Exit List (GOGEL), ordered by short term expansion plans in million barrels of oil (MMBOE) equivalent (‘oil and gas expanders’).
Here is a header in H3
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.
Emissions detail and comparisons
Combined, the companies on the Climate Wreckers Index are pursuing new or expanded oil and gas fields with combined expected production of 114,350 million barrels of oil equivalent, and the estimated carbon dioxide emissions from combustion of this much oil and gas is more than 43,450 million tonnes.
New or expanded coal mines with combined reserves of 19,649 million tonnes and the estimated carbon dioxide equivalent (CO2-e) from combustion of this much coal is 37,723 million tonnes per year, equivalent to 65 times Australia’s annual emissions:
- Global Energy Monitor (GEM)’s ‘Global ownership of coal plants’, sorting by plants in development by MW capacity.
- GEM’s ‘Global ownership of gas plants’, sorting by plants in development by MW capacity (‘gas plant developers’).
- Urgewald’s Global Oil and Gas Exit List (GOGEL), ordered by short term expansion plans in million barrels of oil (MMBOE) equivalent (‘oil and gas expanders’).
Here is a header in H4
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.
This is a fact box
UniSuper’s new fossil fuel exposure limit would allow the fund to increase investment exposure to the sector to 7 per cent, two and a half times its current level.
Here is a header in H5
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.
Here is a header in H6
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.
The Australian Government announced it would contribute $500 million to the establishment of the ‘Low Emissions Technology Commercialisation Fund’ in November 2021, to be administered by the Clean Energy Finance Corporation (CEFC). While the fund has a positive-sounding name, it’s understood to be predominantly focused on investments in carbon capture and storage (CCS). CCS is an excuse for the fossil fuel industry to ramp up emissions, is eye-wateringly expensive, and detracts from well-established renewable energy technologies.
Quick facts
How did we get here?
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
Why is this such a big problem?
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
What is the solution?
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
What is the solution?
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
This is a caption describing the image above and sometimes these are quite long and can run over a few lines. © Photographer attribution
Table title
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 Australian Government announced it would contribute $500 million to the establishment of the ‘Low Emissions Technology Commercialisation Fund’ in November 2021, to be administered by the Clean Energy Finance Corporation (CEFC). While the fund has a positive-sounding name, it’s understood to be predominantly focused on investments in carbon capture and storage (CCS). CCS is an excuse for the fossil fuel industry to ramp up emissions, is eye-wateringly expensive, and detracts from well-established renewable energy technologies.
Here is a highlighted section
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 Australian Government announced it would contribute $500 million to the establishment of the ‘Low Emissions Technology Commercialisation Fund’ in November 2021, to be administered by the Clean Energy Finance Corporation (CEFC). While the fund has a positive-sounding name, it’s understood to be predominantly focused on investments in carbon capture and storage (CCS). CCS is an excuse for the fossil fuel industry to ramp up emissions, is eye-wateringly expensive, and detracts from well-established renewable energy technologies.