The GBCA has revealed its support for the recent budget measures taken by the Australian government that will push its net zero commitments.
The GBCA stated that the federal budget has set strong foundations for Australia’s future as a renewable energy superpower, with flow-on benefits for the built environment.
Among the budget measures welcomed by the GBCA is sustainable finance. $17.3m will be invested over four years (and $3.1m ongoing) to promote the development of sustainable finance markets in Australia. This includes $10m for ASIC to continue its action against greenwashing, as well as funding to improve data and measures to enhance transparency and trust in sustainable investments.
“This is a clear, measured budget that meets the political moment and takes important steps to position Australia for a central role in the global net zero economy.
“Viewed in the light of last year’s budget – in which billions were directed to initiatives that will strengthen sustainability in the built environment – we are pleased with the priorities outlined. Accelerating the energy transition is an urgent national priority, and the budget reflects this.
“The Australian Government is placing a big bet on the ‘renewable energy superpower’ opportunity. The $22.7bn ‘Future Made in Australia’ package, combined with a range of smaller but strategic measures, will help us to nurture new industries and grow our green skills base, deepen net zero trade and international engagement, and strengthen sustainable finance frameworks.
“These are all positives that will support a sustainable built environment.”
Davina Rooney, Chief Executive Officer, GBCA
Carbon credits sits among the measures, with $48m over four years set to improve the Australian Carbon Credit Unit Scheme following the Independent Review. The GBCA has championed measures to strengthen the integrity and transparency of carbon offsets, and to support the participation of First Nations groups, for several years.
An additional $76.2m over five years will support Australia’s continued engagement in international climate change and energy transition issues, including a bid to co-host COP31 in partnership with Pacific nations.
For net zero, $399.1m over five years will be funnelled into additional resourcing to support an ‘orderly and positive transition’ as the economy decarbonises. This includes $209.3 million to expand the Net Zero Economy Authority.
Furthermore, $23m will be used to continue the delivery of the federal government’s circular economy agenda. This includes the development of a new national circular economy framework, which aligns with the GBCA’s work to develop a Circular Economy strategy for the built environment.
$47.7m will be invested over four years for programs that maximise consumer and community benefits of the energy transition, by boosting the supply of renewable electricity from rooftop solar, home batteries and other energy resources.
An additional $40.9m over two years will be used to continue implementation of the Australian Government’s Nature Positive Plan. This bolsters the $172.5m over four years allocated last year for various initiatives, and directly aligns with the objectives outlined in the GBCA’s Nature Roadmap discussion paper.
Among the ‘Future Made’ investments is $55.6m over four years to establish the Building Women’s Careers program to drive structural and systemic change in traditionally male-dominated industries of national priority, including clean energy. There is also $90.2m for 20,000 additional fee-free TAFE training places to increase the pipeline of workers desperately needed for construction and housing.
$2.1m will be invested over four years to support the Net Zero in Government Operations strategy, which helps to embed the government’s commitment to leadership and will have an important flow-on effect to industry and the supply chain. GBCA is pleased to be supporting the government with the climate positive pathway provided through Green Star.
“While the $300 rebate per household will provide short-term relief from cost-of-living pressures, we need to be thinking long-term. By electrifying and improving energy efficiency now, we will make Australian homes more comfortable and cheaper to run, reduce emissions and help households prepare for a hotter climate, while cultivating green skills we can export to the world.
“We can take inspiration from the Inflation Reduction Act in the United States, which has directed billions of dollars to incentives for building electrification that is saving money, slashing emissions, and building green skills.
“The $300 energy bill relief may capture the headlines, but the real highlight is the Australian Government’s systematic work to lay the foundations for Australia’s renewable energy future.”
Davina Rooney, Chief Executive Officer, GBCA
