Australia reveals budget focused on renewable energy investment
Date
5/15/2024 4:45:33 AM
(MENAFN) The Australian government recently unveiled its budget for the fiscal year 2024-2025, marking a significant shift towards developing renewable energy in a nation traditionally reliant on the mining industry. Finance Minister Jim Chalmers emphasized the budget's focus on investing in renewable energy initiatives, outlining a range of measures aimed at bolstering the country's renewable energy sector. These investments encompass projects related to solar panels, base metals, and technologies geared towards reducing carbon emissions.
Chalmers highlighted Australia's progress towards achieving a budget surplus of nine billion Australian dollars (approximately 5.5 billion euros) for the fiscal year ending in June 2024, building upon a surplus recorded in the previous year. Despite the ongoing significance of highly polluting raw materials in fueling the Australian economy, Chalmers underscored the necessity for Australia to respond to global demand for clean energy solutions.
The introduction of the "Made in Australia" program represents a key component of the government's strategy, aimed at capitalizing on opportunities within the renewable energy sector and fostering growth in local high-tech industries. Drawing inspiration from the US Inflation Reduction Act, this program is set to allocate approximately 13.9 billion euros towards initiatives such as solar panel development, promotion of low-carbon fuels, tax cuts for metal industries, and other strategic areas crucial for advancing Australia's renewable energy agenda.
However, the budget for the 2024-25 financial year is anticipated to reveal a deficit of AUSD28.5 billion (approximately €17.3 billion), attributed in part to substantial investments in the country's defence sector. Despite this deficit, the government remains committed to prioritizing investments in renewable energy and positioning Australia as a leader in sustainable development and innovation on the global stage.
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