Budget 2024: A welcome down payment on Australia’s clean economy
MEDIA RELEASE
14 May 2024
Budget 2024: A welcome down payment on Australia’s clean economy
National advocacy group Solutions for Climate Australia welcomes the Albanese government’s budget announcements that steer the Australian economy towards the clean industries of the future.
Budget 2024-25 includes $22.7 billion for the Future Made in Australia plan to grow clean industries critical to global efforts to tackle climate change, such as solar manufacturing, green hydrogen and metals, and critical minerals processing.
“The Albanese government’s budget backing of Future Made in Australia can start the turbo-charging of Australia’s clean economy,” says Dr Barry Traill, Director of Solutions for Climate Australia.
“Support for green manufacturing and minerals will create thousands of jobs while helping the Asia-Pacific region meet global emissions reduction goals.”
Looking ahead, Solutions for Climate Australia say the Albanese government has an opportunity to build on the momentum by expanding support for climate solutions and measures to accelerate the phase out of coal, oil, and gas in Budget 2025-26.
“An historic investment in climate solutions will be needed in 2025 to meet Australia’s legislated 2030 climate target, implement the forthcoming Net Zero 2050 plan, and expand the Future Made in Australia Act to secure a foothold in green iron,” added Dr Traill.
While investment in Australia’s renewable energy and cleantech industries is welcome, communities across the country are also looking for Commonwealth support to electrify their homes and prepare for climate impacts.
“With intensifying heatwaves, storms, and extreme weather on the horizon, greater investment will be needed to ensure households and communities can cope with the consequences of burning coal, oil, and gas,” says Leigh Ewbank, senior climate campaigner for Solutions for Climate Australia.
“Future budgets will also have to deliver for household electrification and energy efficiency, enhance community preparedness to climate impacts, and boost emergency response capabilities.”
The Labor government’s Budget comes days after it released a Future Gas Strategy to extend the use of fossil gas to 2050 and beyond.
“Minister Madeleine King’s Future Gas Strategy casts a shadow on the positive climate initiatives announced in the Budget. A serious policy to phase out coal and gas will be needed for the Albanese government to restore its climate cred.“
Solutions for Climate Australia is also concerned to see the budget continue Fuel Tax Credits and provide $32.6m to develop regulatory frameworks that enable ‘Carbon Capture and Storage’—measures that subsidise the combustion of fossil fuels.
Solutions for Climate Australia and climate groups across the country will campaign for a historic investment in climate solutions in the next budget.
