Former Australian Prime Minister Julia Gillard’s latest plans will make her an instrumental part of Australia’s push towards net zero.
Her comments come as alternative asset managing firm HMC Capital announced her appointment as chair of the new Energy Transition Fund.
The fund is set to be launched in the coming months, with a focus on investing in alternative energy sources including wind, solar, battery, bio-fuels, and other emerging technologies.
The fund will also set out to obtain $2 billion in funding from institutional and wholesale investors.
Ms. Gillard said the role comes with a vision to get Australia to a net zero carbon emissions target by 2050 with the use of green technologies.
“I am excited and honoured to be appointed chair of HMC’s Energy Transition Fund,” she said.
“Its design and HMC’s investment management capabilities will position the fund to be a great driver of Australia’s transition to zero net carbon by 2050.
“As prime minister, I devoted a great deal of my and my government’s energy into fighting climate change, and this new role is a continuation of that commitment.”
HMC Capital Managing Director and CEO David Di Pilla said Ms Gillard’s experience would be a welcome addition to the company.
“We are absolutely delighted that a person of Julia Gillard’s global standing and experience has agreed to chair our new fund in this sector,” he said.
Green Groups Critical of Plan
The Australian government’s plan to reach net zero by 2050 has been met by scepticism in the past.The plan was first announced in 2021 by then-Australian Prime Minister Scott Morrison, and rejigged under Labor Prime Minister Anthony Albanese.
Environmental scientist Professor Terry Hughes labelled the plan a “fairytale, not modelling” amid concerns it would leave the electricity grid at risk.
Greenpeace CEO David Ritter was another green voice who criticised the plan, saying projections were “simply not credible” because they relied on forecast technology that was “scant on detail” and listed as “yet to be developed.”
“The world should not be fooled for one second,“ Greenpeace said. ”This is a political scam, not a serious plan.”
