Amendments to the National Reconstruction Fund (NRF) Bill, stopping the fund from investing in coal and gas projects and native forests logging, have been pushed back by the Minister for Industry and Investment, Ed Husic. The NRF, created to facilitate the government’s industrial rebuilding through a $15 billion investment in manufacturing projects, will now have to align with legislated climate targets and commitments under the Paris Agreement after amendments were introduced by the left-leaning Greens party. Although Husic emphasized that the NRF had never intended to invest in such projects in the first place, Greens Senator Penny Allman-Payne has hailed the amendments as being instrumental in creating high-quality regional jobs that support a diverse economy. Meanwhile, Tasmanian senators have criticized the native logging amendment, calling it a betrayal of the forest products industry in the state.
The Green’s Senate move was criticized as ineffective.
