A Bill for an Act to amend the Snowy Hydro Corporatisation Act 1997, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act is the Snowy Hydro Corporatisation Amendment (No New Fossil Fuels) Act 2021.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information |
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. The whole of this Act | The day this Act receives the Royal Assent. | |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
Snowy Hydro Corporatisation Act 1997
1 Section 3 (heading)
Omit “Object”, substitute “Objects”.
2 After subsection 3(1)
Insert:
(1A) As part of the goal of reducing Australia’s greenhouse gas pollution by phasing out the generation of electricity in Australia from fossil fuels, a further object of this Act is to ensure that the Snowy Hydro Company and other Snowy hydro‑group companies are not involved in creating or investing in new fossil fuel‑based electricity generation capacity.
3 At the end of section 4
Add:
• This Act also provides a requirement for the Snow Hydro Company and Snowy hydro‑group companies not to be involved in creating or investing in new fossil fuel‑based electricity generation capacity.
4 Subsection 5(1)
Insert:
fossil fuel‑based electricity generation capacity means electricity generation capacity that derives from facilities or assets that rely wholly or predominantly on fossil fuels, or material or waste products derived from fossil fuels, to generate electricity.
fossil fuels means any of the following:
(a) coal, oil, natural gas or other petroleum‑based products;
(b) products, by‑products and wastes associated with, or produced from, extracting and processing coal, oil, natural gas or other petroleum‑based products.
new, in relation to fossil fuel‑based electricity generation capacity: see subsection 8A(2).
5 Subsection 8(2)
After “subject to”, insert “section 8A and”.
6 After section 8
Insert:
8A Snowy hydro‑group companies and new fossil fuel‑based electricity generation capacity
(1) Snowy Hydro Company, as a wholly‑owned Commonwealth company (within the meaning of the Public Governance, Performance and Accountability Act 2013), and other Snowy hydro‑group companies must not do any of the following:
(a) develop or construct, or be involved in the development or construction, of new fossil fuel‑based electricity generation capacity;
(b) acquire, purchase or otherwise invest in, or be involved in acquiring, purchasing or investing in, new fossil fuel‑based electricity generation capacity;
(c) operate, or be involved in the operation of, new fossil fuel‑based electricity generation capacity.
Note: See also section 93 of the Public Governance, Performance and Accountability Act 2013, which provides for government policy orders to be made that apply to wholly‑owned Commonwealth companies.
(2) For the purposes of subsection (1), fossil fuel‑based electricity generation capacity is not new if it:
(a) derives from assets or facilities that a Snowy hydro‑group company owns, controls or operates immediately before the day this section commences; or
(b) derives, or will derive, from assets or facilities that a Snowy hydro‑group company is required:
(i) to construct, develop, acquire, purchase, invest in or operate; or
(ii) to be involved in doing any of those things;
under a binding contract entered into by a Snowy hydro‑group company before the day this section commences.
(3) The directors of Snowy Hydro Company must ensure that this section is complied with:
(a) in relation to the Company; and
(b) in relation to any other Snowy hydro‑group company.