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Australia unveils its Green Energy Investment Plan

Australia unveils its Green Energy Investment Plan

Australia, one of the world's biggest mining powers, on Thursday announced plans to pump public funds into manufacturing and clean energy, joining a global race to build a cleaner economy and resilience. Prime Minister Anthony Albanese has unveiled plans to help Australia compete with global partners offering massive subsidies to new industries.

Named “Future Made in Australia ActThe bill, due to be passed this year, would mark a departure from decades of Australia's free trade and investment policies. “We must be ready to break old conventions and pull new levers to advance the national interestsaid the Prime Minister from the centre-left Labor Party. Although no figures were given, the taxpayer-funded stimulus program is aimed at competing with other countries' efforts, such as huge investments under US President Joe Biden's deflationary legislation.

Other trading partners, including China, the European Union, Canada and Japan, have also invested in their industrial base and manufacturing capabilities. “Australia cannot be left out. Being in the race does not guarantee us victory, but being behind does guarantee failure», highlighted by Anthony Albanese.

According to him, the current climate and economic changes “The Industrial Revolution or the Information Revolution is just as important and faster and broader than both“. The prime minister delivered his speech in the northeastern state of Queensland, a key electoral battleground and the heart of the country's gas and coal industries.

“Clean Energy Super Power”

The world's leading exporter of minerals such as iron ore and coal, resource-rich Australia will not only play to its “traditional strengths”, Anthony Albanese insisted, but offer new products and services to new markets. The law aims to stimulate investments in the country's renewable energy resources, including battery production, green hydrogen, green metals, etc., to create more jobs and ensure a competitive economy.

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Tim Buckley, director of the independent think tank Climate Energy Fund, says it lays the groundwork to make Australia a leader in zero emissions trade and investment.Superpower» A world based on clean energy. With about 27% of Australia's economic output coming from exports to international partners, the new legislation could have knock-on effects and help decarbonise them too, Anthony Buckley noted.

The +Future Made In Australia Act+ puts Australia in the global race. This is the investment signal and risk reduction required by private capital“, he ruled. But he said more details are needed to ensure that local, state and federal officials work together to ensure smooth implementation of the law.