Australia's clean energy future is among the 2023–24 Federal Budget winners with $4 billion in new funding commitments that turbo-charge Australia’s green hydrogen sector and drive the electrification of Australian homes and small businesses.
Clean Energy Council Chief Executive Kane Thornton said this budget demonstrates that the Albanese Government recognises the crucial role of clean energy in Australia’s economic future and that clean energy and electrification drive down power prices and manage inflation.
The budget commitment to $2 billion in production incentives for renewable hydrogen will leverage many billions in private investment and will be a boon for Australian jobs. This is a substantial downpayment on Australia’s response to the United States Inflation Reduction Act, ensuring Australia remains in the race to become a global clean energy superpower.
The commitments include $5.6 million for The Department of Climate Change, Energy, the Environment and Water to conduct rapid analysis and action to ensure Australia's clean energy competitiveness, including securing supply chains, building the highly skilled workforce required and realising our competitive advantages in critical minerals and green manufacturing.
"The Clean Energy Council has advocated for work to begin on a Clean Energy Superpower Masterplan, and the Federal Government has listened," Thornton said.
"For the first time in years, we have a Federal Government that listens to industry and deeply understands what is required, taking commendable action since coming to power and in this budget.
"When clean energy wins, families, communities and businesses win. This is good news for industry, but also for all Australians."
Federal Budget measures announced on Tuesday night for clean energy also include:
"This budget has the building blocks to keep Australia in the clean energy investment race and balances cost of living relief for small businesses and households through clean energy and energy efficiency," said Thornton.
"These are concrete steps in building the foundation to accelerate the clean energy transition.
"There'll be more to do in the coming months and years to deliver Australia's clean energy transition and realise our nation's clean energy superpower ambitions," said Thornton. "The Clean Energy Council will continue to work collaboratively with the Australian Government to help make this a reality."
The Clean Energy Council acknowledges the work already undertaken by the Albanese Government since taking office to accelerate Australia's clean energy transition, which includes:
For more information or to arrange an interview, contact:
Clean Energy Council Public Affairs Manager
+61 409 470 683