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Call for critical $100 billion Renewable Industry Package

The First Nations Clean Energy Network has partnered with a group of organisations pushing for the Federal Government to commit to a ten-year $100 billion Australian Renewable Industry Package and ambitious new policies in the development of clean energy initiatives. 

The call for the Australian Renewables Industry Package is endorsed by a number of groups including the Australian Conservation Foundation, Australian Council of Trade Unions, Clean Energy Council, Climate Action Network Australia, Climate Energy Finance, New Energy Nexus, Rewiring Australia and the Smart Energy Council.

With a global renewables industrial revolution underway, the group says Australia must act with speed and ambition now to fully realise the employment, export, economic, emissions reduction, environmental and social benefits for our nation, businesses, First Nations and the whole community before it is too late. 

This would include funding that is considered to be more ambitious and industrial support packages to build new clean industries, attract greater investment and create thousands of new secure jobs, as what is currently happening under the US$1 trillion Inflation Reduction Act in the U.S.

The group says a decade-long $100 billion new Australian Renewable Industry Package is essential to drive nation-building benefits for Australia.

Elements of the proposed Australian Renewable Industry Package include:

  • Cornerstone funding – includes a minimum of $100 billion in new Federal Government investment and spending over ten years to support products and projects 
  • Built-in community benefits – embed social, labour and environmental benefits as core components of new renewable industries that incorporate free, prior and informed consent (FPIC) from First Nations communities and co-ownership
  • Policy reforms – to leverage cornerstone funding and unlock Australia’s potential, including tax credits and contracts for difference and public sector procurement
  • Mid-term targets – at least $300 billion annual clean export revenue to be achieved by 2035 and approximately 700,000 direct jobs mainly in rural and regional Australia.

Learn more in this article from Energy Magazine