Australia Uncovers $15 Billion Plan to Boost Manufacturing and Renewable Energy
The country aims to strengthen domestic manufacturing and renewable energy sectors, striving to reduce dependence on foreign technologies and drive towards net-zero emissions by 2050.
To bolster domestic manufacturing and renewable energy sectors, the Australian government has announced an A$22.7 billion ($15.0 billion) package. Dubbed the "Future Made in Australia" initiative, the package aims to decrease reliance on foreign suppliers for crucial technologies.
Outlined in the government's annual budget, the initiative includes substantial subsidies for emerging critical minerals and clean energy industries, alongside efforts to streamline regulations for sector investors. The spending, spread over the next decade, reflects global trends as major economies ramp up investments in clean energy projects and vie with China in electric vehicle and semiconductor manufacturing.
Australian Treasurer Jim Chalmers emphasized the nation's ambition to emerge as a "renewable energy superpower," noting the imperative of transitioning towards net-zero emissions by 2050, a transformation comparable to the industrial revolution.
Key components of the package entail tax incentives totaling A$7 billion for the processing and refining of 31 critical minerals, as well as A$6.7 billion earmarked for renewable hydrogen production from the fiscal year ending June 2028 to 2039-40. Furthermore, A$1.5 billion is allocated to support investments in domestic solar panel production and bolster the battery supply chain.
Despite Australia's proximity to essential raw materials, its manufacturing sector has long grappled with global competitiveness challenges stemming from high labor costs and geographic distance from major markets.
The country aims to capitalize on its mineral wealth by fostering a battery chemicals industry, but the nickel sector faces headwinds, with a surge in Indonesian supply leading to plummeting prices and thousands of job losses.
Earlier this year, Prime Minister Anthony Albanese's administration classified nickel as a "critical mineral," paving the way for the industry to access substantial government loans.
Show your support
Dear patron, thank you for being our reader. Readers like you are an inspiration for us to move Agri Journalism forward. We need your support to keep delivering quality Agri Journalism and reach the farmers and people in every corner of rural India.
Every contribution is valuable for our future.
Contribute NowDownload Krishi Jagran Mobile App for more updates on the Latest Agriculture News, Agriculture Quiz, Crop Calendar, Jobs in Agriculture, and more.