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Parliamentary Questions

Question Without Notice No. 1335 asked in the Legislative Council on 19 November 2019 by Hon Tim Clifford

Parliament: 40 Session: 1

Answered on 19 November 2019

CLIMATE CHANGE POLICY — SWEDISH CENTRAL BANK

1335. Hon TIM CLIFFORD to the minister representing the Treasurer:

I refer to The Sydney Morning Herald article of 14 November 2019 titled ''Sweden dumps Aussie bonds as country 'not known for good climate work'''.

(1) What was the total monetary value of the Western Australian bonds sold off by the Swedish central bank?

(2) Can the Treasurer please table any correspondence between the Swedish central bank and the state government relating to Western Australia failing to manage climate risk?

(3) Given that financial institutions and governments across the world are divesting from fossil fuels and withdrawing investments from projects, states and countries that continue to back fossil fuel industries, what steps will the Treasurer take to mitigate the significant risk to WA's economy as a result of the global shift away from fossil fuel investment?

Hon STEPHEN DAWSON replied:

I thank the honourable member for some notice of the question. The following answer is provided on behalf of the Treasurer.

(1) The Swedish central bank has not detailed publicly the actual dollar value of the bonds sold. The Western Australian Treasury Corporation considers that the holdings by the Swedish central bank are not a material part of the total WATC bonds on issue.

(2) Not applicable.

(3) The Western Australian government supports the continued growth of the natural gas industry in the state, providing more jobs and opportunities for hardworking Western Australian families.