WHY IMPORTANT TO WISCONSIN: The government’s new budget funds a range of projects to move the country toward net zero greenhouse gases and provides incentives for foreign investment.
Australia is powering into the clean energy transition with its policy package: Future Made in Australia.
The government’s 2024-25 federal budget allocates $22.7 billion AUD ($14.9 billion USD) to Future Made in Australia to speed investment in priority industries such as green hydrogen, green metals, low carbon liquid fuels, refining and processing critical minerals, and manufacturing solar and battery supply products.
A $1.7 billion AUD ($1.1 billion USD) Innovation Fund will accelerate innovative technologies and facilities that are directly linked to the priority industries. Managed by the Australian Renewable Energy Agency (ARENA), the fund will help finance pilot projects and speed progress toward commercialization.
Plans are being developed to guide decarbonization in six sectors: electricity and energy, transportation, industry, resources, agriculture and land, and the built environment. The budget includes $63.8 million to reduce emissions in agriculture alone.
The Hydrogen Headstart Program will receive $4 billion AUD ($2.6 billion USD) to support large-scale renewal hydrogen projects. In addition, $4 million AUD (2.6 million USD) will be provided to help First Nations communities get involved with hydrogen project development.
To encourage the country’s solar photovoltaic manufacturing industry, the government has begun the Solar Sunshot program which offers $1 billion AUD ($660 million USD) to encourage and support innovation in the industry.
“Solar electricity will be the foundation of Australia’s future energy supply and the key to our net zero and renewable energy superpower ambitions,” said Darren Miller, CEO of ARENA.
As a way to stimulate foreign investment in its projects, the government said it will speed the approval process and will refund 75% of application fees for unsuccessful competitive bids.
Two of Australia’s noteworthy projects are the Murchison Hydrogen Renewables Project, which will be a large-scale wind and solar energy development to produce green hydrogen for ammonia, and the East Kimberley Clean Energy Project, a solar and hydro combination to manufacture green hydrogen.
Wisconsin companies with expertise in clean energy technologies may find opportunities for partnerships involving Australia’s package of projects.
