Budget 2024: Labor $24b renewable energy superpower bet

, powered by green hydrogen, critical minerals processing and green commodity exports over the coming decade.

Mr Scott, whose WA-headquartered industrial conglomerate is set to benefit from the subsidies through its lithium venture, said the incentives would encourage investment, support job creation and productivity.Although he welcomed the funding designed to “enable” the energy transition, and measures to fast-track environmental approvals, Mr Scott pushed for more funding for carbon capture and storage.

The budget also includes $1.7 billion for innovation targeting green metals, $1.2 billion for a strategic critical minerals funding and $1.3 billion for the existing “hydrogen headstart” program.The additional $8 billion in funding for green hydrogen is a win for wealthy companies such as billionaire Andrew Forrest’s Fortescue Metals and Woodside, which have prioritised US green hydrogen projects because more funding is available.

Only $5 billion of the $24.3 billion spending on green energy superpower initiatives occurs in the four-year budget estimates period, with the remainder occurring over the “medium term”, typically a decade. The emphasis on tax credits is designed to blunt criticism the government is “picking winners”.

Source: Energy Industry News (energyindustrynews.net)

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