I thank the member for Newcastle for moving this important motion. It provides a valuable opportunity to recognise the significant steps our government is taking to provide cheaper, cleaner, reliable renewable energy as we undergo the transition to net zero emissions by 2050 and to 43 per cent emissions reduction by 2030. This comes at the time of the coalition's disastrous, half-baked nuclear energy announcement. It was an announcement that left Australians in the dark. It was all bluster—no detail. It was a three-page media release, a trojan horse to enable more fossil fuels for longer while rejecting climate action.
The details we have simply don't stack up. All we know is that there are several locations for reactors. But what about the massive cost of the scheme, the timeframe to build these risky reactors, the size and number of reactors and the safety of communities living nearby? My communities are already asking, 'How much will Dutton's nuclear thought bubble cost me and my family?' The coalition has no answer. They say they will let us know after the election. Well, that is just not good enough—not when it's about the health and preservation of our planet, the safety of communities and the environment, our global commitment to the Paris Agreement and the enormous cost it will impose on households if it even happens. It's chaos, because the opposition's plan is toxic and confusing and will cost a bomb.
Even the Leader of the Opposition, only a year ago, said:
I don't support the establishment of big nuclear facilities here at all. I'm opposed to it.
So what's changed? The fact is that we have an election coming and the coalition have no policies; this is the only thing they've got. Government is about more than thought bubbles. Unlike the coalition, the Albanese government has a solid plan that is costed; reduces emissions; drives down power bills; creates clean, green jobs; and protects our planet from the ravages of climate change.
The recent GenCost report backs in a renewables future and makes it clear that nuclear reactors would be costly and complex and take decades to build. The report by the CSIRO and AEMO found the cost of power for small modular nuclear reactors would be up to eight times more expensive than large-scale wind and solar. It also found nuclear would be too slow to keep the lights on, with GenCost confirming the first full operation would be no sooner than 2040—that's 26 years away at least—for small modular nuclear reactors and would be years later for large-scale nuclear reactors. The report also confirms the opposition's half-baked thought bubble is not a viable solution to meet energy shortages between now and 2040.
When it comes to implementation, there are more questions: How much nuclear waste will be produced? How much energy will be created? How much gas and coal will be needed in the energy mix, and how will this affect industry confidence in renewables investment, as well as jobs? And, finally, will the coalition override states and communities who say no to nuclear reactors? We do know that all eastern states have recently rejected the coalition's nuclear fantasy. They are backing renewables. The Albanese government is backing renewables because it makes absolute sense for energy security, for household energy bills, for our environment and for urgent action on climate change.
Since coming to government, we've approved more than 50 renewable energy projects. We've got more than three million Australian homes powered by renewables. We're supporting investment in 32 gigawatts of new renewable generation and storage across Australia through the Capacity Investment Scheme. We're delivering Australian homes and businesses cheaper, cleaner energy, and we're investing $22.7 billion in our Future Made in Australia package to drive our nation as a renewable energy superpower.
My communities in Corangamite welcome this. They want climate action now. They want a safe, clean, cost-effective energy future, and that's exactly what the Albanese government is delivering.
