$76 Million Allocated for Global Climate Change Initiatives in Budget 2024, Including Proposal for UN COP31 Bid

May 14, 2024 TruthUSA

The Australian government presented its federal budget on the evening of May 14, outlining the nation’s plan for the future.

The Albanese Labor government has allocated $76.2 million (US$50 million) over the next five years for “international climate change” issues.

This funding includes support for Australia’s bid to host the next UN Conference COP31 with Pacific nations.

The budget papers also show that the federal government will more than double funding for the Net Zero Authority, which is set to be debated in Parliament on May 15.

Treasurer Jim Chalmers delivered the 2024-25 Budget at 7:30 p.m. on May 14, emphasizing the government’s focus on assisting with cost of living, housing construction, and investment in local manufacturing to facilitate the net-zero transition.

While Budget Paper No. 2 (pdf) mentions “climate change” 60 times and “net zero” 16 times, detailing major spending measures.

Within this paper, the government explains that millions of dollars will be allocated for the Department of Climate Change to engage with the U.N. Framework Convention on Climate Change, G20, and the International Energy Agency to enhance trade opportunities and security relationships with key partners.

The government will provide an additional $76.2 million over the next five years from 2023–24 to support Australia’s involvement in international climate change and energy transition matters, including a bid to co-host COP31 with the Pacific.

COP31 is a significant U.N. international climate summit scheduled for 2026, with Climate Minister Chris Bowen delivering a speech at COP28 in Dubai in 2023.

These initiatives are part of the billions of dollars the government is allocating to net zero and climate change in the budget, including funding for various programs such as the Australian Renewable Energy Agency, solar and battery manufacturing, and the Future Made in Australia Innovation Fund.

$1 Billion For the Net Zero Authority Over Next 10 Years

Additionally, the budget documents detail more than $1 billion in funding for the Net Zero Economy Authority over the next decade, surpassing the initial announcement made in March 2024.

Included in this allocation is $399.1 million over five years starting in the 2024 financial year, and an additional $616.8 million between the 2029 and 2035 financial years.

Furthermore, a continuing provision of $93.4 million per year will fund the Authority.

The government’s budget includes the necessary funding for the authority, suggesting confidence that related bills will receive support to become law.

Opposition Treasurer Responds

Shadow Treasurer Angus Taylor expressed concern over the significant new spending in the budget, totaling $315 billion, calling it a “big spending, big taxing con job.”

Mr. Taylor criticized the budget as lacking fiscal discipline and described the government’s expansion of the public service by 36,000 additional bureaucrats in Canberra as misplaced.

“The government’s focus on the wrong priorities comes at a time when Australians are facing challenges,” he added.

Treasurer Spruiks Responsible Budget

Treasurer Jim Chalmers defended the budget as responsible, aimed at supporting individuals under pressure. He highlighted tax relief for Australians and a $300 energy rebate to help with cost of living pressures.

Chalmers stated, “Our new tax cuts for middle Australia provide significant cost of living relief. Starting July 1, all 13.6 million taxpayers will receive a tax cut.”

He also mentioned, “Every Australian household will receive energy price relief, with a $300 energy rebate starting July 1, along with additional support for one million small businesses.”

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