Why this is important to Wisconsin businesses: Wisconsin companies that manufacture or supply components for renewable energy equipment may find opportunities in the market.
Australia is a prime location for renewable energy, with abundant sunshine and wind, making it an appealing investment target for companies in the renewable energy market.
Australia’s government has made clean energy a priority by announcing a national strategy called Powering Australia. The plan calls for lowering emissions to 43% below 2005 levels by 2030 and achieving net zero emissions by 2050.
To reach those goals, the government is embarking on a series of projects, including:
- Funding upgrades to the electricity grid to support more renewable power
- Establishing investment strategies for solar banks
- Installing community battery systems to store renewable power
- Prioritizing the use of electric vehicles
- Supporting innovation in the renewable power industry
Australia’s National Reconstruction Fund will invest in manufacturing renewable energy products and technologies while the Australian Renewable Energy Agency will provide funds to help establish community microgrids.
The government will also help finance clean hydrogen industrial hubs in regions across Australia, will offer grants to accelerate priority gas infrastructure projects, and will support investment in carbon capture and storage infrastructure.
In addition, the Clean Energy Finance Corporation will allocate funding and support for businesses that invest in renewable energy.
The comprehensive plan offers opportunities for Wisconsin companies involved in wind energy, solar power, or energy storage to participate in the Australian market.
Wisconsin exporters can form joint ventures with renewable energy companies in Australia to work on large-scale projects. Wisconsin manufacturers can also consider exporting renewable energy equipment, such as solar panels and wind turbines.
Interested renewable energy exporters can contact WEDC for an initial discussion about the opportunities for their products in the Australian market.