6th Sep 2017, 11:22 AM – Senate Export Finance and Insurance Corporation Amendment (Support for Commonwealth Entities) Bill 2017 - in Committee - Fossil fuels

The majority voted against amendments introduced by South Australian Senator Sarah Hanson-Young (Greens), which means they failed.

What did this amendment do?

Senator Hanson-Young explained that these amendments would be:

... putting a restriction on Efic's [i.e., the Export Finance and Insurance Corporation's] ability to use its expertise and to fund further subsidies for the fossil fuel industry. We are, of course, very concerned that, despite a number of issues that Efic could and should be spending its time on in relation to other types of export projects, and advancing ability for Australian industry, the last thing we should have is more Australian taxpayer money being spent on propping up the fossil fuel industry in this country.

Amendment text

(1) Schedule 1, page 4 (after line 3), after item 4, insert:

4A At the end of subsection 8(2)

Add:

(c) ensure it is not funding transactions that, directly or indirectly, support the extraction of fossil fuels (including in relation to EFIC's Northern Australia economic infrastructure functions).

(2) Schedule 1, item 6A, page 4 (after line 27), at the end of section 16, add:

(5) In addition, EFIC must not make a guarantee or enter into a contract under this section in relation to a loan or a proposed loan if the loan or the proposed loan is to be used, directly or indirectly, for the purpose of extracting fossil fuels.

(3) Schedule 1, item 6B, page 5 (after line 7), at the end of section 23, add:

(5) In addition, EFIC must not lend money under this section for the purpose of financing a transaction if the purpose of the transaction is to extract fossil fuels.