Australia budget commits AU $22.7 billion for renewable projects across the next decade

The Australian Government have planned for a range of projects under the umbrella “A Future Made in Australia,” which aims to speed up the path to net zero and increase domestic manufacturing of renewables.

This covers a wide variety of projects, including some that are still in development. The budget will allocate a huge $19.7 billion over 10 years to advance its ‘renewable energy superpower,’ including tax incentives for the production of hydrogen and critical minerals from 2027-28.

The treasurer, Jim Chalmers, said in his budget speech on Tuesday night (14th May 2024) that the global economy was facing its biggest transformation since the Industrial Revolution. “Australian energy can power it, Australian resources can build it, Australia’s regions can drive it, Australian researchers can shape it and Australian workers can thrive in it,” Chalmers told parliament. “Our $22.7bn Future Made in Australia package will help make us an indispensable part of the global economy.”

‘Future Made in Australia’ will make it simpler for global and domestic capital to be invested in the country by creating investment proposals that align with the national Net Zero Economic Authority, the government stated.

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The Australian Renewable Energy Agency (ARENA) will receive $3.2 billion of funding over the next decade, with just over half of that money going to a Future Made in Australia Innovation Fund for critical clean energy technologies including batteries and low-carbon fuels.

“We know the global energy transformation represents a golden opportunity for Australia. The world is changing, the pace of that change is accelerating, and our approach to growth and investment needs to change as well. If we hang back, the chance for a new generation of jobs and prosperity will pass us by – and we’ll be poorer and more vulnerable as a consequence,” Chalmers said.

The release of this budget package that focuses predominantly on renewable energy, follows criticism of the government’s gas strategy last week.

Sources

https://www.theguardian.com/australia-news/article/2024/may/14/australia-federal-budget-2024-future-made-in-australia-investments-renewables-net-zero-national-interest-framework-small-business-tax-solar-hydrogen-education

https://www.energy-storage.news/australia-budget-commits-au22-7-billion-to-renewable-energy-superpower-plan/