Officials unveil billion-dollar plan to address long-neglected issue: 'It's time for strong policies'
As PV Magazine Australia reported, the 2025-26 federal budget has committed the funds to the Clean Energy Finance Corporation, an Australian government-owned green bank. The funding will go toward private sector investments in wind, solar, green hydrogen, and electrification projects.
That's in addition to nearly AUD$37 million (USD$22.7 million) to improve grid infrastructure and another AUD$10 million (USD$6.1 million) toward the accelerated connections fund, which aims to address grid access delays and boost efficiency.
Green metal production will also receive financial support, with the AUD$1 billion (USD$600 million) green iron investment fund helping to accelerate Australia's transition to green steel.
Climate energy finance director Tim Buckley told PV Magazine that the CEF is thankful for the green metals investments but "a lot more is needed" to support domestic clean energy technology manufacturing.
"From here, there are abundant opportunities for the Federal Government to grow Australia's clean economy for generations to come through win-win solutions for our economy and climate," Climate Council economist Nicki Hutley told the magazine.
A portion of the funds will be allocated to hydrogen and critical minerals tax incentives, low-pollution liquid fuels, and investments in renewable energy manufacturing, including battery and storage technologies.
The impressive commitment to clean energy will benefit Australia's economy and ensure better health for people and the planet. As the transition to solar, wind, and other renewable energy sources continues to gain momentum, it's an excellent time to invest in sustainability-focused businesses and support eco-friendly initiatives. Governments provide financial backing for industries, but everyday people can drive positive change in the marketplace.
"Now that we're securing the future of our industry with these investments, it's time for strong policies that put domestic manufacturers first," Australian Workers' Union national secretary Paul Farrow told PV.
Farrow added that "stronger local procurement requirements" are needed to help steelworks and aluminum smelters to continue operations and grow. Meanwhile, using Australian-made materials for public infrastructure "makes perfect sense" for job security and creation.
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"[The Australian Energy Market Operator] expects investment in new energy infrastructure to support more than 60,000 energy jobs over the next 20 years, with the retirement of coal from our system prior to 2040," said CEFC CEO Ian Learmonth in a statement, adding that CEFC investments will help in the move to more sustainable energy.
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