Australia’s ‘clean energy superpower’ vision moves closer with federal budget plans
Australia's 'clean energy superpower' vision moves closer with federal budget plans Windpower Monthly
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Australia’s Budget Allocates $15.01 Billion for Clean Energy Initiatives
The government of Australia has unveiled its 2024-25 budget, which aims to position the country as a “clean energy superpower” by investing in clean technology initiatives. The budget allocates a total of A$22.7 billion ($15.01 billion) to support the development of a sustainable future made in Australia.
Funding for Net Zero Transformation
One of the key highlights of the budget is a funding commitment of A$3.2 billion over the next decade for the commercialization of technologies crucial to achieving net zero emissions. This includes an innovation fund of A$1.7 billion dedicated to supporting the development of new clean energy technologies, such as “green” metals produced without fossil fuel-powered furnaces and low-carbon energy sources like hydrogen.
Boosting Offshore Wind Projects
The government has also allocated A$34.2 million to prioritize approvals for renewable energy projects of national significance, particularly offshore wind projects. This funding aims to expedite the decision-making process for necessary environmental, cultural heritage, and planning approvals. Additionally, the government plans to encourage foreign investment in renewable projects by refunding 75% of application fees for unsuccessful competitive bids.
Promoting Green Hydrogen Production
To kickstart green hydrogen production in the country, the budget introduces a tax incentive for renewable hydrogen production. The Hydrogen Production Tax Incentive will provide a A$2 incentive per kilogram of renewable hydrogen produced for up to ten years per project, starting from 2027-28 and ending in 2039-40 for projects that reach final investment decisions by 2030.
Engaging Communities and Green Bonds
The budget also includes funding for improving engagement with communities affected by new clean energy infrastructure. Additionally, there are plans to issue A$7 billion in future green bonds to support sustainable projects.
Kane Thornton, CEO of Australia’s Clean Energy Council, hailed the budget as the largest clean energy budget in Australian history. He emphasized that the government’s focus on clean energy will lead to lower electricity prices, create thousands of jobs in the clean economy, and position Australia as a leading clean energy superpower. Thornton stated, “This is a budget that recognizes renewables firmed by storage as the way to replace old coal and expensive gas, delivering the cleanest, cheapest form of energy for Australia’s future.”
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix | – A$3.2 billion funding commitment for the commercialization of technologies critical to the net-zero transformation – A$1.7 billion innovation fund for new clean energy technologies, including “green” metals and low-carbon energy sources such as hydrogen |
| SDG 9: Industry, Innovation, and Infrastructure | 9.5: Enhance scientific research, upgrade the technological capabilities of industrial sectors in all countries | – A$1.7 billion innovation fund for new clean energy technologies |
| SDG 13: Climate Action | 13.2: Integrate climate change measures into national policies, strategies, and planning | – A$34.2 million funding to better prioritize approvals for renewable energy projects of national significance – Encouraging faster decisions on necessary environmental, cultural heritage, and planning approvals for renewable energy projects |
| SDG 17: Partnerships for the Goals | 17.16: Enhance the global partnership for sustainable development | – Refunding 75% of application fees for unsuccessful competitive bids to encourage foreign investment in new renewable projects |
1. Which SDGs are addressed or connected to the issues highlighted in the article?
SDG 7: Affordable and Clean Energy
The article highlights the Australian government’s funding commitments for clean technology initiatives and its aim to make Australia a “clean energy superpower.” This aligns with SDG 7, which focuses on ensuring access to affordable, reliable, sustainable, and modern energy for all.
SDG 9: Industry, Innovation, and Infrastructure
The article mentions the A$1.7 billion innovation fund for new clean energy technologies, indicating a focus on enhancing scientific research and upgrading technological capabilities in the clean energy sector. This relates to SDG 9, which aims to build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation.
SDG 13: Climate Action
The article discusses the government’s efforts to prioritize approvals for renewable energy projects and encourage faster decision-making on necessary approvals. This demonstrates a commitment to integrating climate change measures into national policies and strategies, which is a key target of SDG 13.
SDG 17: Partnerships for the Goals
The article mentions the government’s commitment to refunding application fees for unsuccessful competitive bids, aiming to encourage foreign investment in new renewable projects. This reflects SDG 17, which emphasizes the importance of global partnerships for sustainable development.
2. What specific targets under those SDGs can be identified based on the article’s content?
Target 7.2: Increase substantially the share of renewable energy in the global energy mix
The funding commitments for clean technology initiatives and the innovation fund for new clean energy technologies contribute to the target of increasing the share of renewable energy in the global energy mix.
Target 9.5: Enhance scientific research, upgrade the technological capabilities of industrial sectors in all countries
The A$1.7 billion innovation fund for new clean energy technologies aligns with the target of enhancing scientific research and upgrading technological capabilities in the clean energy sector.
Target 13.2: Integrate climate change measures into national policies, strategies, and planning
The government’s efforts to prioritize approvals for renewable energy projects and encourage faster decision-making on necessary approvals support the target of integrating climate change measures into national policies, strategies, and planning.
Target 17.16: Enhance the global partnership for sustainable development
The commitment to refunding application fees for unsuccessful competitive bids aims to enhance the global partnership for sustainable development by encouraging foreign investment in new renewable projects.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
The article mentions specific indicators that can be used to measure progress towards the identified targets:
- A$3.2 billion funding commitment for the commercialization of technologies critical to the net-zero transformation
- A$1.7 billion innovation fund for new clean energy technologies, including “green” metals and low-carbon energy sources such as hydrogen
- A$34.2 million funding to better prioritize approvals for renewable energy projects of national significance
- Encouraging faster decisions on necessary environmental, cultural heritage, and planning approvals for renewable energy projects
- Refunding 75% of application fees for unsuccessful competitive bids to encourage foreign investment in new renewable projects
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix | – A$3.2 billion funding commitment for the commercialization of technologies critical to the net-zero transformation – A$1.7 billion innovation fund for new clean energy technologies, including “green” metals and low-carbon energy sources such as hydrogen |
| SDG 9: Industry, Innovation, and Infrastructure | 9.5: Enhance scientific research, upgrade the technological capabilities of industrial sectors in all countries | – A$1.7 billion innovation fund for new clean energy technologies |
| SDG 13: Climate Action | 13.2: Integrate climate change measures into national policies, strategies, and planning | – A$34.2 million funding to better prioritize approvals for renewable energy projects of national significance – Encouraging faster decisions on necessary environmental, cultural heritage, and planning approvals for renewable energy projects |
| SDG 17: Partnerships for
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