Climate change think tank Beyond Zero Emissions has welcomed yesterday’s federal budget, saying it contains “promising endorsement” of a clean economic recovery.
Among measures in the budget singled out as benefiting a more sustainable future are:
- $1.4b in funding for ARENA;
- $250m to accelerate critical transmission infrastructure that will unlock more renewables;
- $1.5b to modernise manufacturing which increasingly means the electrification of our industrial base;
- $67m for microgrids to replace diesel generation in remote communities;
- $52m to increase energy productivity in homes and businesses;
- $190m to reboot our recycling sector; and
- Over $370m towards developing Australia’s Hydrogen capabilities.
It was less enthusiastic about $53 million in support for gas development.
BZE CEO Eytan Lenko said that megatrends of decarbonisation and digitalisation had intensified during the Covid-19 pandemic and there were now “trillions of dollars of private capital looking for clean projects” to invest in.
“Best-practice economic and regulatory support from government facilitates existing trends in order to bring forward investment, innovation and jobs and to de-risk private sector participation,” he said in a statement.
Australia has an enormous opportunity to capitalise on our comparative advantage in renewable energy and to upgrade our industry and infrastructure to harness the benefits of new technology energy.”
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