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Australia is allocating AU$23 billion towards clean energy, focusing on green hydrogen, critical minerals processing, and an AU$1.7 billion innovation fund to support industries like batteries and low-carbon fuels.
Green Hydrogen and Critical Minerals Lead the Charge with Tax Credits and Incentives
Australia is investing big in clean energy with a AU$23 billion package. Most of this money, AU$13.7 billion will go to green hydrogen and processing critical minerals. This move aims to make Australia cleaner and less reliant on polluting energy sources, according to the report of TDC.
To help companies in critical minerals, the government will offer a 10% tax credit starting in 2027. They’ll also give AU$2 per kilogram of hydrogen to companies that start producing it by 2030. These incentives encourage businesses to focus on sustainable energy.
(photo: Daily CSR)
AU$1.7 Billion Innovation Fund Supports Green Industries: Batteries, Low-Carbon Fuels, and More Lead the Charge in Australia’s Clean Energy Investment
An innovation fund of AU$1.7 billion will support green industries like batteries and low-carbon fuels. Worker training programs will get AU$134.2 million, and AU$519.1 million is set aside for a Future Drought Fund. Solar energy is also a priority, with up to AU$1 billion planned for solar power manufacturing.
Treasurer Jim Chalmers says these investments are crucial for Australia’s future. He stresses the importance of choosing projects wisely for public funding. The goal is to create jobs in clean energy and boost the economy while helping the environment. Chalmers believes Australia can become a key player in the global economy with these initiatives.
