The Australian federal Labor government's plan to reform its Environment Protection and Biodiversity Conservation (EPBC) Act will save up to A$7bn ($4.6bn), federal minister for the environment and water Murray Watt said today.
The reforms are largely focused on streamlining the approvals process for renewable energy and mining projects, which will provide "savings to the business community and the national economy", Murray said.
The reform will create a national environment protection agency (EPA), whereas there is currently a separate one for each state and territory. This will reduce approval times from 70 to 50 days. These changes will also boost environmental protection, Watt said. New National Environmental Standards will also be introduced to set outcomes for activities under the EPBC Act.
Australia has a legislated target of 82pc renewable generation by 2030, which is supported by tenders under the Capital Investment Scheme. But renewable energy and storage projects needs to get on line quickly. A more efficient approvals process could also boost investments in renewable projects.
The reform bill will be introduced to parliament by the end of 2025, six months earlier than originally planned because of positive reactions from shareholders.
This is second stage of Canberra's Nature Positive Plan introduced in 2022 after a review of the EPBC Act found it to be ineffective and inefficient.
Australian industry bodies previously voiced concerns that the changes will cause project setbacks. But incentivising applicants to provide all necessary information upfront will reduce delays, Watt said.
Bilateral agreements will be made between state and federal governments to remove duplications in the approvals process. Watt is negotiating an agreement with Western Australia's (WA) state government on 15 October and other state agreements are expected in the coming months. There are 117 active proposal assessments under the WA EPA.
A streamlined approval process is needed for new gas projects in Queensland to support the country's energy transition, the Queensland Resources Council said on 15 October. The state will keep state-owned coal-fired power plants operational until the late-2030s and mid-2040s, and support new gas-fired capacity as part of its five-year energy roadmap.
