In a show of unity, Australia’s leading energy industry players and investment groups have thrown their weight behind Prime Minister Anthony Albanese’s landmark ‘Future Made in Australia’ initiative.
With just three weeks until the 2024 Federal Budget, these influential voices are urging the government to stay the course and commit the necessary strategic funding to underpin private investor and business confidence.
The joint statement, signed by the Clean Energy Investor Group, Clean Energy Council, Rewiring Australia, Smart Energy Council, Climate Energy Finance, and Beyond Zero Emissions, have recognised the unprecedented opportunity presented by Australia’s decarbonisation journey.
They argue that the ‘Future Made in Australia Act’ positions the nation to leverage its comparative advantages in renewable energy, critical minerals, and cleantech supply chains, securing economic prosperity, energy independence, and sovereign capabilities.
Marilyne Crestias, Policy Director of the Clean Energy Investor Group, representing developers and investors with a combined portfolio value of $38 billion, welcomed the Prime Minister’s vision.
“The Future Made in Australia Act has the potential to unlock significant domestic and international capital, including through the national superannuation system,” she said.
Dr. Saul Griffith, Chief Scientist at Rewiring Australia, applauded the government’s commitment to Australia’s clean energy future.
“This signals a meaningful government investment in renewable energy, placing it at the centre of our economy,” he said.
Kane Thornton, Chief Executive of the Clean Energy Council, emphasised the need for Australia to “step up and prioritise smart policy and support in this new era”, as major economies compete for capital, equipment, resources, and skilled labor in the global energy transformation.
Tim Buckley, director of Climate Energy Finance, urged the government to “hold its nerve and deliver an ambitious and coordinated package of budget incentives”, enabling Australia to pivot from its historic over-dependence on fossil fuels to a zero-emissions global trade and investment leader.
The industry leaders highlighted the strategic importance of state intervention in the accelerating global transition, as evidenced by the United States’ $1 trillion Inflation Reduction Act.
They stressed the need for patient, strategic public capital budget support to de-risk and catalyse private capital investment into domestic zero-emissions economic opportunities.
With the world’s leading reserves of strategic critical minerals and metals, abundant sun and wind, and innovative businesses ready to succeed, the industry players believe Australia has all the ingredients to become a leader in the low-carbon market.
They also emphasised the need for political leadership, incentives, and modernisation to capitalise on this once-in-a-generation opportunity fully.
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