Australia’s government is preparing to announce a major multi-billion support scheme to attract more investment in clean energy and curb outflows of capital to the U.S. and Europe, which already have massive subsidy initiatives to develop green energy solutions, the Australian Financial Review reported on Friday, citing unnamed sources.
The EU responded to President Biden’s legislation with its own Green Deal Industrial Plan to preserve Europe’s competitiveness and prevent an exodus of production to the U.S. Now, Australia is set to join the global race for attracting investments in clean energy with a scheme expected to be a combination of subsidies and co-investment, according to Australian Financial Review’s sources.
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