, Australia
Photo by Matthew Alexander via Unsplash

Australian government allocates $9.2b to boost renewable energy sector

The amount forms part of the $15.1b Future Made in Australia package.

The Australian Government has allocated $9.2b (A$13.89b) under its 2024-25 budget to support its goal to become a “renewable energy superpower” over the next decade.

This is part of the around $15.1b (A$22.7b) Future Made in Australia package that wants the country to become “an indispensable part of the global economy,” Minister of Climate Change and Energy Chris Bowen said in a statement.

To support the clean energy industries manufacturing sector, Australia is providing $3.4b (A$5.1b) to the Australian Renewable Agency (ARENA), of which $1.1b (A$1.7b) will be dedicated to the Futute Made in Australia Innovation Fund to secure private capital in new industries such as green metals and low carbon liquid fuels.

ALSO READ: Australia grants offshore wind feasibility licences for Gippsland Coast

Around $997m (A$1.5b) will be used to build solar and battery manufacture capacity, and $1.3b (A$1.9b) “to recharge ARENA’s core mission of developing and deploying new technologies.

For the renewable hydrogen sector, $4.5b (A$6.7b) will be allocated over the decade for a new production tax incentive of $1.33 (A$2) per kilogram from 2027-28. Around $1.3b (A$2b) will be allocated for a new round of the Hydrogen Headstart programme.

The country will also provide $60.5m (A$91m) to the clean energy workforce.

$1 = A$1.50

 

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.