Proposed Australian A$15bn ‘green fund’ and calls for massive renewables growth

Coming off the back of the Australian Prime Minister’s proposed A$15bn ($10.07bn) National Reconstruction Fund, the Australian Hydrogen Council (AHC) has said the Government must plan for massive renewables growth to unlock a manufacturing boom.

Under Prime Minister Anthony Albanese’s proposed legislation, up to A$3bn ($2bn) would be invested in renewable energy and low-emissions technologies. Additional prospective investments include A$1.5bn ($1bn) in medical manufacturing, A$1bn ($672m) for advanced manufacturing, A$1bn in critical technologies, A$500m ($335m) for value-adding in agriculture, forestry, fisheries, food, and fibre.

Hoping to generate a positive return across its investment portfolio, the so-called green fund will not provide grants, but is intended to help attract and secure funding from private sector investments.

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