Australia plans to invest as much as US$15 billion AUS$22.7 billion over the next decade to become a renewable energy superpower and boost its domestic critical minerals economy, the country’s Labor Government said on Tuesday. The cabinet unveiled today a Future Made in Australia plan to bring new jobs and opportunities and “help Australia succeed and remain an indispensable part of the global economy as the world undergoes the biggest transformation since the industrial revolution.
32 billion AUS$2 billion in the 2023-24 budget to accelerate large-scale renewable hydrogen projects, aiming to become a world leader in green hydrogen production. The country is also a major producer of lithium, the key mineral in the current leading global battery technology, and of nickel, which is also crucial for battery manufacturing. While allocating billions of dollars to low-carbon energy, Australia is recognizing that natural gas will play a key role in the energy transition.