Budget opens the door - but Australia must go further to deliver energy security and protect nature
WWF-Australia
Tonight’s federal budget reflects the challenges of rapid global disruption, but there is an opportunity for Australia to better deliver long-term energy security and protect nature, said WWF-Australia.
The budget’s $10 billion package to expand domestic fuel stockpiles reflects the anxiety of the moment, but risks locking Australia into the very system driving global instability.
“A budget measure to build up onshore fuel reserves is understandable in the short term, but it reinforces a narrow definition of energy security centred on fossil fuel supply,” said Nicole Forrester, Chief Regenerative Officer, WWF-Australia.
“Real, long-term energy security and cost-of-living relief will come from reducing our reliance on fossil fuels altogether.”
WWF-Australia recently released a report showing that Australia is one of the most exposed countries in the Indo-Pacific under a fossil fuel-based energy security model yet has the most to gain in a shift to a renewable energy model.
“Renewables change the equation, as they are not tied to global price spikes, can be adopted quickly and deliver long-term resilience,” said Ms Forrester.
“Accelerated investment in clean energy, electrification and regional renewable partnerships would deliver global competitive advantage and position Australia as an exporter of renewable energy security to the Indo-Pacific, rather than an exporter of fossil fuel risk.”
Nature law funding welcomed
Ms Forrester said the budget’s $500 million package to implement Australia’s nature law reforms is an important step forward. The package includes $250 million to establish the National Environmental Protection Agency.
“This commitment shows the government is serious about making these reforms work,” she said.
“These laws have the potential to be a game-changer for protecting nature and giving greater certainty to business, but their success will depend on sustained investment and strong delivery over time.
“This funding is a critical down payment, but it must be followed by ongoing support to ensure the new National Environmental Protection Agency, national standards and data systems are fully operational and effective.”
Nature needs at least 1% of budget
While the funding for nature laws is welcome, nature remains underfunded overall.
Ms Forrester said there was little in the budget to expand and manage Australia’s protected areas, including Indigenous Protected Areas.
The government has pledged to protect 30% of Australia’s land and oceans by 2030 - a commitment aligned with the Kunming-Montreal Global Biodiversity Framework - but the budget funding to deliver it is insufficient.
“Nature underpins our economy, our food systems and our communities, yet it only receives a fraction of the funding it needs,” said Ms Forrester.
“We need to invest at least 1% of the budget in nature if we are serious about reversing biodiversity loss and building long-term prosperity.
“Scaling up renewable energy, restoring landscapes and investing in nature-based solutions will reduce energy bills, create regional jobs and build the kind of long-term prosperity that no fuel stockpile can buy.”
Contact details:
Paul Fahy, 0455 528 161, [email protected]