Future Made in Australia Bill paves way for superpower renewable energy goals – pv magazine Australia

July 4, 2024 Eva Foley

The Australian government has introduced a $22.7 billion ($15.24 billion) Future of Australia bill to parliament. It aims to strengthen the economy through renewable energy by introducing investment support for the clean energy industry into law and focusing on community benefit principles.

The Community Benefits Principles ensure that the benefits of investment flow to local workers, industries and communities by developing a more skilled and inclusive workforce, stronger local supply chains, and working collaboratively and achieving positive outcomes for local communities, such as First Nations and those directly affected by the transition to net zero emissions.

The Act will establish Future Made in Australia Plans to drive investment in renewable energy sources, and the Future Made in Australia Innovation Fund, which will support new technologies in industries such as green metals, clean energy production and low-carbon liquid fuels.

It aims to promote investment certainty by introducing changes such as the reinstatement of guaranteed statutory funding for the Australian Renewable Energy Agency (ARENA), which was discontinued under the previous government.

Treasury Minister Jim Chalmers said Australia had been dealt the most incredible cards that could make it a major beneficiary of a net-zero economy.

“We have a unique combination of geological, meteorological, geographical and geopolitical advantages and we know it would be a gross breach of our generational responsibility as a government if we did not play this winning card,” Chalmers said.

“If we remain stuck in the past, this country will be poorer, more vulnerable, and we will not make the most of the golden opportunity that lies before us.”

He added that the Future Made in Australia Act would help Australia become a renewable energy superpower and an essential part of a net-zero global economy.

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“This bill helps modernise and strengthen our economy for a world powered by cheaper, cleaner energy, and to harness the enormous industrial and economic opportunities that the global transition to net zero emissions will create, and share the benefits of those opportunities with every Australian,” Chalmers said.

A statement from the office of Australian Prime Minister Anthony Albanese said the bill introduces a disciplined and rigorous approach into law that will govern Future Made in Australia investments to make the most of our net zero emissions potential and ensure the benefits of those investments are broadly shared and flow down to local communities.

“The government recognises that the best opportunities for Australia and its people lie at the intersection of industry, energy, resources, skills and our ability to attract and invest,” the statement said.

“The Future Made in Australia package improves our investment environment and encourages new industries that will enable us to achieve net zero emissions and strengthen our economic resilience.”