September 25, 2020

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Australia government investing in clean energy

The Australian government is investing approximately A$66.3 million in solar energy as well as other renewable sources of energy. Not only will this reduce greenhouse gas emission, but it will also create jobs and support post-COVID economic recovery.

The government recently detailed a A$1 billion investment in 23 energy projects. These projects range from agritech, cleantech, transport, waste sectors, energy, and infrastructure. Over A$187 million of government finance will support approximately 6,700 smaller-scale investments in clean energy projects across the agribusiness, property, and transport sectors. Subsequently, A$187 million of the government fund will help support around 6700 smaller-scale investments in clean energy.

The Australian Energy and Emissions Reduction Minister Angus Taylor said the government is taking a technology not taxes approach to reducing emissions. Reducing emissions without imposing new costs on households, businesses or the economy is central to the government’s Technology Investment Roadmap.

This investment is crucial coming out of the COVID-19 pandemic. The Australian government has also been able to leverage A$27.3 billion, in Australian businesses, from private investors, equating to A$2.30 in private sector finance for each A$1 from the CEFC.

The A$300 million Advancing Hydrogen Fund and A$1 billion Grid Reliability Fund are two examples of the government’s ongoing goal to accelerate new technologies. This will solidify Australia’s place as a global leader in low emissions technology.

The Australian government is currently focused on supporting start-ups and projects that can deliver reliable energy at an affordable price while also investing in industries that can support the economy and create new job opportunities.

The Australian government will support private investors through the Grid Reliability Fund and provide clean, safe energy through their Advancing Hydrogen Fund. The CEFC was created to facilitate an increased amount of investments into the clean energy sector and has thus far been very successful in finding significant projects.

“As Australia looks to drive its economic recovery, the CEFC will continue to play an important role in driving investment in our energy future, which will also create vital new jobs,” the Australian Finance Minister Mathias Cormann said.

Most recently, the CEFC has created two initiatives, the A$300 million Advancing Hydrogen Fund and the Australian Recycling Investment. The Australia government also released its A$5.5 billion Economy Recovery Plan to combat the effects of the COVID-19 pandemic. The funds are for not only restarting and stimulating but also for reforming and transforming said the Australian State Recovery Controller.

The Australian government has started by investing A$6 million in solar energy, through projects and start-ups making solar panels for social housing. This would create significant savings on electricity bills in the near future.

From the A$6 million investment in solar power, A$4 million is being divided between ten schools. This will significantly aid in making them greener, by utilising solar photovoltaic and energy storage.

The rest, approximately A$1.8 million, of the solar investment will help improve energy efficiency of public transport, by installing solar panels. Subsequently, 50 standalone power systems (SPS) and nine Battery Energy Storage Systems (BESS) will be included in the stimulus package. As shown by a three-year trial, to test the viability of SPS, which recently concluded, SPS is changing Australia’s entire energy ecosystem.

The New Zealand Government also had a similar plan, investing in agritech, which OpenGov Asia reported on earlier this month.