Labor targets solar and battery industries in $22 billion green deal
Labor has set its Future Made In Australia Bill before parliament, promising to set the economy on a decarbonised “path to prosperity”.
The bill will write into law the strategies guiding the government’s $22.7bn push to become part of the booming global renewable supply chains.
The legislation includes $1.5bn set aside for manufacturing clean energy tech, including the $1bn Solar Sunshot, announced in March, and the $523.2 million Battery Breakthrough Initiative.
The Bill also sets in place a national framework to ensure projects produce safe and well paid jobs, engage with communities, and strengthen supply chains.
Independent analysis would be carried out by the federal treasury to determine which sectors of the economy can benefit the most from investment.
The legislation comes at a critical time in the energy debate, with the government forging ahead with the renewable transition, while the federal opposition commits to nuclear power.
The bill is by no means guaranteed. The government will need the support of the Greens and cross-bench to pass its reforms.
The Greens have said they will seek to ensure funding included in the plans does not finance any new coal and gas projects.
The renewable energy industry, meanwhile, has welcomed the Bill as a major milestone and will be hoping it can get across the line.