The Property Council of Australia has today welcomed Climate Change and Energy Minister Chris Bowen”s announcement that support will be given to households and business to electrify.
Property Council Chief Executive Ken Morrison said the $1.5 billion support package is a critical and welcomed initiative to speed up energy efficiency and electrification in key sectors of the economy, including buildings.
“The Household and Business Electrification Package will hopefully make the journey of electrification easier and more cost effective for Australians, especially at a time when cost of living pressures are mounting,” Mr Morrison said.
“We have been working closely with the Government to ensure energy efficiency and electrification is front of mind and welcome this initial step towards a more comprehensive set of measures to be delivered as part of the National Energy Performance Strategy.
“It is encouraging that this package will focus on low-income households, renters, inhabitants of public and community housing, and apartment buildings, and we welcome the commitment for further work to support electrification of businesses,” he said.
New research by the Australian Sustainable Built Environment Council shows electrification is the least cost option to decarbonise Australia”s buildings and would save $49 billion between 2024 and 2050 compared to a business as usual approach including fossil gas and offsets.
“Australia’s residential and commercial buildings account for a quarter of Australia’s emissions and around half of Australia’s energy use. We will be able to cut emissions faster and more affordably than other solutions if we can make buildings far more energy efficient through electrification,” Mr Morrison said.
“There is also a strong case for Government to support the transition away from fossil gas because while electrification is the least cost option to decarbonise buildings, it is not always a no-cost option, particularly for businesses operating commercial buildings.
“The built environment must electrify, and public policy can smooth the pathway so this happens at speed.
“The Property Council, together with Ai Group, ACOSS, and EEC, have been working closely with Minister Bowen and Assistant Minister Jenny McAllister on this issue, and it is encouraging to see the Government engaging and listening to industry.
“While we wait to see the finer details, the announcement is an important first step,” he said.
ENDS
Media contact: Rhys Prka | 0425 113 273 | [email protected]
Ellie Laing | 0416 007 830 | [email protected]