- Australia plans to unveil a range of financial incentives to drive investment in the local clean energy sector.
- The AFR report said that the government scheme is likely to combine subsidies and co-investments.
The Australian Financial Review reported that Australia plans to unveil a range of financial incentives to drive investment in the local clean energy sector and keep money and talent from being pulled overseas by subsidies in the US and Europe.
The country is responding to the massive clean energy incentives in US President Joe Biden’s $430 billion Inflation Reduction Act and the European Commission’s Green Deal Industrial Plan.
Prime Minister Anthony Albanese said, “We don’t have to go dollar-for-dollar in our spending, but we can go toe-to-toe on the quality and impact of our policies. In all of this, we must be prepared to think big.”
The AFR report said that the government scheme is likely to combine subsidies and co-investments, citing unidentified sources.
Furthermore, Australia today classified “nickel as a critical mineral,” opening the way for the crisis-hit industry to access billions of dollars in government support.
The scheme will be the latest in a series by the centre-left Labor government designed to revive manufacturing or foster new industries, including A$15 billion ($9.8 billion) National Reconstruction Fund and a fresh injection of A$ 500 million last year for critical minerals.