WWF Australia's proposed renewable stimulus to bring $10b boost

The organisation proposed investing $500m in solar projects.

The overall renewables-led stimulus package proposed by the World Wide Fund (WWF) Australia might favour the country in generating nearly $10b of economic benefits in the next couple of years, commented GlobalData in a media release.

The federal renewables stimulus package of nearly $2b focussed on the development of renewable energy and strengthening the exports, according to a report released by WWF Australia.

Out of the $2b, about $520m is proposed to be spent on improving energy efficiency, increasing employment, and increasing the utilisation of renewable energy in manufacturing. An investment of $500m would be in battery storage, and another $500m for solar projects. It also proposed $240m for electric buses, and $225m for the production and export of renewable hydrogen.

“The investment plan is well elaborated in all the domains of clean and renewable energy and is likely to provide a holistic boost to the sector,” GlobalData said.