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New Australian policy announced to help drive forward the country’s energy transition

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The Australian Prime Minister Mr Anthony Albanese has announced an initiative to capitalise on the global energy transition and the country’s significant clean energy resources.

The ‘Future Made in Australia Act’ features taxpayer-funded incentives to support the manufacture of key clean energy technologies during the nation’s own energy transition,  including renewable hydrogen, solar panels and battery storage systems, as well as the supporting infrastructure. 

Mr Albanese explained:

“We can compete with the world. We can be the world’s biggest producer of green hydrogen, powering a new generation of advanced manufacturing, having green metals, producing batteries here. It’s about using the assets that we have under the ground, in the sky, to produce advanced manufacturing, creating jobs and economic growth and prosperity right here in Australia.”

Referring to the increasing levels of global competition for renewable energy investment, Mr Albanese added:

“There’s a race for opportunity, a race for jobs on, and Australia can’t afford to sit on the sidelines, we must participate. Being in the race does not guarantee our success but sitting it out guarantees failure. Our government wants Australia to be in it to win it.”

The Prime Minister went onto highlight his belief that the manufacturing necessary to achieve an energy transition should be led by the private sector, but that government should be prepared to provide loans or support to make sure that those industries can get off the ground.

The news was welcomed by Kane Thornton, Chief Executive of the country’s Clean Energy Council, who said:

“Establishing a coordinated response and building a more competitive renewable energy industry at home will create new jobs and opportunities, help Australia and the world to meet its climate and emissions commitments and ultimately set Australia up for future economic success.”

Further details on the Future Made in Australia Act and any other supporting policies are expected to be unveiled in the May budget.

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