This article was written by Akash Mehta and Holly Fairhurst
The Government will provide $3.5 billion over 15 years from 2018‑19 for a Climate Solutions Package. Specific items of expenditure include:
- $2.0 billion over 15 years from 2019‑20 to establish a Climate Solutions Fund for the purposes of investing in low‑cost carbon reduction;
- an approximately $1.38 billion equity investment in the Snowy 2.0 project over 6 years form 2019-20 (subject to Snowy Hydro Limited (SHL) achieving financial close on the project and the commencement of the main project works);
- $5.5 million over four years from 2019‑20 to the Department of the Environment and Energy, and $4.3 million over four years from 2019‑20 to the Department of Finance, to support Commonwealth oversight of SHL and the Snowy 2.0 project. The cost of this will be offset by special dividends from SHL in 2021‑22 and 2022‑23;
- $61.2 million over four years from 2019‑20 to establish the Energy Efficient Communities Program for the purpose of providing grants to improve energy efficiency;
- $56.0 million in 2018‑19 for a feasibility study to accelerate the delivery of Marinus Link, a second interconnector between Tasmania and the mainland;
- $18.0 million over six years from 2019‑20 for households and businesses to improve energy efficiency; and
- $0.4 million in 2019‑20 to develop a National Electric Vehicle Strategy.
The Government will provide $137.4 million over four years from 2019‑20 dedicated to protection and restoration of the environment, including:
- $100.0 million for an Environment Restoration Fund to provide grants for restoration and protection projects for threatened and migratory species;
- $28.3 million for the Communities Environment Program for community led environment projects; and
- $9.2 million towards controlling yellow crazy ants in Queensland.
The Government will provide up to $216.2 million from 2018‑19 to 2028‑29 to secure tourism and jobs in Kakadu National Park and support the future of the Jabiru Township (Jabiru).