Australian Government Announces USD 1 Billion Solar Sunshot Investment
This commitment comes alongside the establishment of legislation for the Net Zero Economy Authority, designed to stimulate investment in a clean energy future across Australia's regions.
March 28, 2024. By Abha Rustagi
This commitment comes alongside the establishment of legislation for the Net Zero Economy Authority, designed to stimulate investment in a clean energy future across Australia's regions.
The Solar Sunshot initiative will revolutionize Australia's solar manufacturing supply chain by offering support such as production subsidies and grants. By promoting local production, including in regions like the Hunter Region, where the announcement was made at the site of the former Liddell Power Station, the program aims to increase the domestic production of solar panels.
Despite one in three Australian households already having solar panels, with the nation boasting the highest uptake globally, only 1 percent of those panels have been manufactured locally. The Solar Sunshot program seeks to change this landscape, strengthening Australia's contribution to renewable energy production.
In parallel, the NSW Labor Government is launching the NSW Net Zero Manufacturing Initiative, with an initial USD 275 million round aimed at supporting workers, small businesses, manufacturers, and innovators in transitioning to a low-carbon economy.
The second round of the initiative will focus on leveraging government procurement to offer offtake agreements to local manufacturers of renewable products and low-carbon materials, further strengthening the renewable energy sector.
Prime Minister Albanese emphasized the importance of Australian innovation in the global supply chain, advocating for a future built on domestic manufacturing capabilities. "I want a future made in Australia. And I want a future made in our regions. Places like the Hunter that have powered our nation for more than a century will power our future. We have every metal and critical mineral necessary to be a central player in the net zero transformation, and a proven track record as a reliable energy producer and exporter. We can also invest in strategic manufacturing capability, particularly in components critical to the energy and economic transition, like solar panels," he said.
Minister for Climate Change and Energy, Chris Bowen, echoed these sentiments, highlighting the economic opportunities presented by the renewable energy sector. “We know that the world’s climate emergency is Australia’s jobs opportunity, USD 1 billion to support Australian manufacturing in solar technology will help seize that opportunity,” he said.
Minister for Industry and Science, Ed Husic, emphasized the significance of manufacturing solar panels domestically, citing it as a key step towards securing Australian jobs and economic growth.
The consultation process for the Solar Sunshot initiative is set to commence in mid-April, with the Australian Renewable Energy Agency (ARENA) leading the design and delivery in collaboration with industry stakeholders.
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