"The Albanese government is being pushed to provide an extra $100bn over 10
years to boost jobs and reduce emissions including through investments in clean
industries and manufacturing of renewable energy components.
At the Australian Renewables Industry summit in Canberra on Monday unions, the
renewable energy sector, community and investor groups will call for the
package to respond to massive investment overseas including the US’s Inflation
Reduction Act (IRA).
Labor faced a similar push before its national conference in August, resulting
in a substantial increase in ambition in the party’s platform. It now
recognises the energy transition is the “most significant economic opportunity
since the Industrial Revolution” and commits to “substantial public investment
in or underwriting of” critical assets.
The latest push is endorsed by groups including the Australian Council of Trade
Unions, Australian Conservation Foundation, Climate Energy Finance, Rewiring
Australia and the Smart Energy Council.
The group wants a minimum of $100bn over 10 years for: critical minerals; green
iron, steel, and aluminium; advanced manufacturing including solar and wind
components and batteries; heat pumps and home energy management; transmission;
clean energy exports; zero carbon transport vehicles and fuels; and recycling.
The proposal does not specify the form of investment, which could include a mix
of tax credits for advanced manufacturing, off-budget funds such as the
National Reconstruction Fund, or direct government spending."
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics