“Finally genuine action to harness the benefits of renewable energy and grow our economy through investing in Australia’s cutting-edge smart energy industry.”
2023-24 Federal Budget response from John Grimes, Chief Executive, Smart Energy Council:
“We are seeing the first steps on the path to Australia becoming a renewable energy superpower. Tonight the Federal Government has funded the establishment of a renewable hydrogen industry in this country,” said Smart Energy Council Chief Executive, John Grimes.
“This is a Government that is responding to a massive cost-of-living challenge and showing a real commitment to bringing all Australians on this energy transition journey, unlocking $1.6 billion for home electrification and slashing power bills for those that need it most.
“The Smart Energy Council is pleased to see that the Clean Energy Finance Corporation will oversee a $1 billion fund, assisting customers to invest in energy efficient appliances in partnership with financial institutions.
“Combining home electrification with a $300 million energy efficiency in social housing upgrade, to be matched by states and territories, shows the wisdom that empowering homes to electrify is both anti-inflationary and delivers decarbonisation.
“The Smart Energy Council sees these significant pledges as critical for the climate and our economy. The Smart Energy Council stands ready to play a key advisory role in delivering the potential of this Budget.
“The urgency for Australia to do more remains, as the rest of the world, including our allies, moves quickly to decarbonise.
“This is an Australian Government willing to step up onto the world stage and put its hand up to host a UN Climate Conference in 2026. Now it has the opportunity to fast-track its own transition from fossil fuel exporter to renewable energy superpower.
“A $2 billion fund to establish an Australian Renewable Hydrogen industry is a game-changing investment and will place our nation ahead on the frontier of this energy advancement.
“Reverse auction tendering with a gigawatt scale hydrogen capacity to be delivered by the end of this decade – with funding for First Nations people to engage with Australia’s renewable hydrogen industry – that is a great shift forward.
“This is the most important Federal Budget in Australia’s history in responding to climate change and positioning Australia as a Renewables Superpower – a $2 billion Renewable Hydrogen Fund, a new Net Zero Transition Authority, a $15 billion National Reconstruction Fund and pushing the go button on home electrification.
“The Albanese Government has laid the foundations for real action on climate change and real support for the energy transition.
“The Smart Energy Council congratulates the Australian Greens and Senator David Pocock for their strong advocacy in support of home electrification.
Read the Smart Energy Council’s Pre-Budget Submission here.