Why I formed a Climate Capital Forum in Australia and why every country needs to do the same

| April 17, 2024

Backing Australia's Renewable Energy Sector

The Smart Energy Council strongly welcomes today’s announcement from the Prime Minister, committing $585 million in loans for critical minerals projects in Queensland and South Australia.

“A Future Made in Australia is a future where Australia reaps maximum benefit from its extraordinary critical mineral resources,” said Wayne Smith, Acting Chief Executive of the Smart Energy Council.

“Australia is a global heavyweight in the energy and resources sector. We are one of the world’s biggest exporters of iron ore, coal and gas, and it has underpinned our economy for decades.” 

“But the dig-and-ship model for our resources is not fit for the future, with the world’s largest economies radically moving to decarbonise by making trillions of dollars in capital available to speed up the process.”

“Billions of dollars are already lined up for investment in Australia for green iron, steel, ammonia and vanadium projects in South Australia, West Australia and Queensland. Proponents have been telling us they’re waiting for investment signals from the government to proceed; the Future Made in Australia Act is the green light they’ve been waiting for.”

The Australian government is demonstrating its commitment to addressing over a decade of neglecting this reality.

“Australian industry has a vast capacity to build on the global battery manufacturing supply chain, with around half the planet’s lithium reserves. The same goes for solar, where we not only developed the solar PV technology adopted around the globe, but where we enjoy an abundance of sunshine and wind,” Mr Smith said. 

“Using these carbon-free and renewable energy sources, coupled with green hydrogen, we can bring far greater value to our minerals and resources that the world already knows we are production leaders in, and desperately need.”

We look forward to hearing more from the government in the lead up to the budget on how more Australian businesses, workers, and the community will benefit from the transition to renewables-powered, smart manufacturing.”

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