Liberal / Labor coalition back public funds for Fracking

Sources have revealed a stunning agreement made between the Liberal Commonwealth and Territory Labor governments to dedicate large sums of public funding to advance a fracking agenda in the NT.

Just hours before going into election care-taker mode a deal was reached between the two governments that looks set to pour almost a $billion of public money into accelerating exploitation of fracked on-shore gas in the NT.

In the wake of election-time posturing over climate, the deal between the Federal Liberals and NT Labor shows just how close the two really are when it comes to new fossil fuel projects. Labor's plan for addressing the massive carbon emissions that would arise from fracking Beetaloo is simply to rely on the policies of the Morrison Federal Liberal Government.

Meanwhile, Labor's federal counterparts seem unperturbed by the huge leap in national emissions that fracking would present to their far-off 2050 emissions reduction target.

By the numbers

Commonwealth (Liberal) funding: $660 M

NT (Labor) funding: $212 M

Total public funds: $872M

source: https://www.abc.net.au/news/2022-04-14/nt-federal-gas-supply-beetaloo-funding-deal/100990676

Estimated emissions: 116Mtpa

increase to national carbon debt: > 20%

source: NT Department of Primary Industry projections for 'low production scenario', as submitted to Pepper Inquiry