Industry Updates

Australia aims to become a green energy superpower.

Published: May 18, 2024
Author: Fashion Value Chain

The Australian government has announced plans to invest in a Future Made in Australia program aimed at creating new jobs and opportunities through clean energy and advanced manufacturing. With a target to become a renewable energy superpower, the government will allocate $22.7 billion over a decade to strengthen economic security and boost the country’s global competitiveness.

The Australian government’s plan aims to capitalize on the economic opportunities of the global shift to net zero emissions, ensuring the country’s competitiveness in the changing global landscape. This includes streamlining investment processes for major projects and attracting more global and domestic capital.

The Australian government is investing $168.1 million to improve the approval process for renewable energy projects, with a focus on community engagement and foreign investment transparency. This includes funding for private investment mobilization and guidance for net zero transition plans.

Additionally, a hydrogen production tax incentive will be implemented to encourage renewable hydrogen production. The government will also allocate funds to support early investors in the hydrogen industry and implement the National Hydrogen Strategy to establish Australia as a global leader in hydrogen by 2030.

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