The energy and environment sectors today welcomed the Federal Government’s budget, as it charts a course to power past fossil fuels and heads towards renewables.
Australian Renewable Energy Agency (ARENA) CEO Darren Miller said the $7.1 billion funding package for programs they will administer was a show of continued support for the organisation.
“It is now more urgent than ever to take action on reducing emissions,” Mr Miller said.
ARENA is currently delivering the $2 billion Hydrogen Headstart program, with recipients expected to be announced later this year. An additional $2 billion funding in this budget for round two of the program will help build on developing a local renewable hydrogen industry.
Climate Council CEO Amanda McKenzie said the budget was a bid to claim Australia’s place as one of the world’s clean energy market leaders.
“Building a renewable future and clean industrial base will deliver good jobs and greater prospects for Australians,” Ms McKenzie said.
The Australian Conservation Foundation CEO Kelly O’Shannasy said the ambitious Future Made in Australia plan would be crucial to solving the climate crisis.
“If well-executed, it will help build a manufacturing and export industry powered by clean renewable energy,” Ms O’Shannasy said.
The Federal budget includes:
- Fuel tax credits. Total: $54 billion over five years.
- A Future Made in Australia plan including funding for renewable hydrogen, green metals clean energy technology manufacturing, and support for commercialisation of technologies. Total: $22.7 billion over a decade.
- Additional resourcing for the Net Zero Economy Authority and Fair Work Commission. Total: $399.1 million over five years.
- Strengthening the approval processes to support the delivery of the Future Made in Australia agenda and transition to a net zero economy. Total: $182.7 million over eight years.
- International climate diplomacy, a bid to co-host the COP31, and funding climate and disaster projects in the Pacific and UN. Total: $150 million over four years.
- Development of a clean energy workforce through expanded access to energy education. Total: $91 million over five years.
- Nature funding for the Great Barrier Marine Park Authority. Total: $50 million in 2024-25. And implementation of the Nature Positive plan. Total: $40.9 million over two years.
- Maximisation of consumer and community energy transition. Total: $47.7 million over four years.
- Identifying alternative disposal of Australia’s radioactive waste. Total: $43 million.
- Carbon capture and storage. Total: $32.6 million over four years.
- Action against greenwashing. Total: $17.3 million over four years.
