Climate Energy Finance
The Federal Government has announced $21.0bn of new funding initiatives under the Future Made in Australia Act strategic framework ($22.7bn including the $1bn Solar SunShot and $466m PsiQuantum funding), as part of Treasurer Jim Chalmers’ 2024-2025 Federal Budget. Key initiatives include:
- A new $7bn Critical Minerals value-adding Production Tax Credit (PTC)
- $3.2bn additional funding for ARENA technology commercialisation
- A $6.7bn Hydrogen Production Tax Incentive and $1.3bn of additional Hydrogen Headstart funding (we presume this will be domestic use oriented e.g. green iron).
- $209m into the Net Zero Economy Authority
- $168m to prioritise approval decisions for renewable projects of national significance
- $500m Battery Breakthrough Initiative
- $14m to strengthen high-quality critical minerals benchmarks with trade partners
- $179m in additional employment & skills supports for regions + $56m in Building Women’s Careers program + $91m to accelerate the development of the clean energy workforce & expanding the New Energy Apprenticeship Program
- $777m for strong First Nations workforce participation & development
The implementation of the Future Made in Australia Act (FMIA) will be guided by a framework comprising: 1. A ‘net zero transformation’ stream, where Australia has grounds to build enduring comparative advantage; and 2. the ‘economic security and resilience’ stream, which will identify sectors that are critical to our resilience and vulnerable to supply disruptions.
Five industries are highlighted as aligned with the
/Public Release.
