In a statement to Guardian Australia, Taylor confirmed the government was continuing to consider 10 coal projects through its power generation underwriting program, as well as new gas and pumped hydro proposals.
The Green New Deal borrows its name and ethos from the New Deal – introduced in the 1930s by then US president Franklin D Roosevelt to kickstart an economy crippled by the Great Depression. But are strategies which echo the needs of the 1930s and 1940s – ending the Depression and defeating Nazism – suitable for the rapid transition from fossil fuels that defines our needs in the early 21st century?
Under the guidelines developers proposing projects with direct emissions of more than 100,000 tonnes of carbon dioxide equivalent per annum would be required to demonstrate they have taken all “reasonable and practicable design measures”, including use of renewable energy, to reduce or avoid emissions.
“In fact, they have known this for a very long time. But they refuse to change. They continue to put private profit over human life. The fact that they are still talking about acquiring new fossil fuel reserves at this point in the climate crisis is not only deeply immoral, it is evidently criminal. We all have a moral duty to stop them.”
The former South Korean diplomat’s comments on UK Export Finance (UKEF), which provides lines of credit and insurance to help companies win business overseas, are the first time he has singled out a country’s credit export agency. “There is now a growing consensus that fossil fuels should not be funded in any way by export finance organisations,” he said.