The Greens Leader Adam Bandt says a windfall tax on gas corporations profiteering from the current crisis could be imposed simply by closing loopholes in the Petroleum Resource Rent Tax (PRRT) in the government’s first budget in October.

The PRRT was designed to tax super-profits, but gas corporations figured out how to avoid paying it by building up a backlog of tax credits to the tune of a jaw-dropping $282 billion. This means that gas companies have to burn through $282 billion in profits until they start paying tax.

The Greens Leader, Adam Bandt, says the ‘coalkeeper’ subsidy to ageing coal power plants will slow the overdue modernisation of the Australian energy network.

The Labor Resources Minister has called for coal-fired power stations to be brought online as Energy Ministers meet to discuss the dramatic increase in energy prices caused by Australia’s failure to reduce reliance on coal and gas.

Greens Leader Adam Bandt will today join solar installers, the Smart Energy Council and Queensland candidate for Ryan Elizabeth Watson-Brown to announce the Greens’ plan for Cheaper and Cleaner Power for Homes and Businesses.

On Wednesday, Greens Leader Adam Bandt and Greens spokesperson for Mining and Resources Senator Dorinda Cox will be in Karratha, WA to launch the final component of the Greens’ Tycoon Tax, which will end tax breaks for corporations undertaking offshore gas extraction in Commonwealth waters and oblige them to pay royalties on the natural resources that rightfully belong to the people of Australia.

The Greens will push the new tax in balance of power in the Senate after the next election.

Greens Leader Adam Bandt has expressed disappointment at Labor’s capitulation to Scott Morrison’s plan to give $600 million in public money to Snowy Hydro to build a gas-fired power plant that experts say we don’t need.

In 2021 Labor said the plan looked like “a cynical attempt to pick a fight on gas and continue the climate wars, or to reward the major Liberal donor who owns the Kurri Kurri site.

The Greens also said non-binding ideas of converting to green hydrogen down the line are a fig leaf for new gas infrastructure. 

With the final Glasgow pact resolving that coal and gas were on the way out but the world was not on track to limit global warming to 1.5 degrees because 2030 pledges were too weak, the summit will be remembered as one that ScoMo helped sabotage.

But it will also heap pressure on Liberal and Labor next year to lift 2030 targets, and phase out coal and gas. 

Quotes attributable to Greens Leader Adam Bandt MP:

“Glasgow was the summit ScoMo helped sabotage, but he doesn’t get off scot free.

The Greens have slammed the PM’s refusal to sign the EU and US global methane pledge, after it was announced this morning that over 100 countries have now become signatories.

It is appalling that Labor is also refusing to back the pledge.

The pledge commits to reducing global methane emissions by 30% on 2020 levels by 2030 and would significantly reduce warming.

The Greens have slammed the Nationals’ proposed $250 billion publicly funded coal and gas bank as robbing public money to chase stranded assets for Nationals donors. 

“The Nationals are holding our country to ransom. They want a quarter of a trillion dollars to fund assets even the big banks won’t touch because they’re too dangerous, too deadly and will send anyone who lends them money broke,” Mr Bandt said.

“Barnaby Joyce is trying to lock the public into supporting coal projects no one else will touch with a ten foot pole.

Leader of the Australian Greens Adam Bandt has said that Scott Morrison’s reported intention to avoid appearing at the COP26 Glasgow Climate Summit is a dangerous abrogation of his responsibility to act on climate change and threatens to slow global progress.

“If Scott Morrison doesn’t want to lead the country on climate, he should hand the reins to someone who does,” Mr Bandt said.