https://www.brisbanetimes.com.au/politics/federal/albanese-s-1b-bet-on-australia...


 

Brisbane Times
March 27, 2024

A $1 billion fund to grow Australia’s nascent solar panel industry will be launched on Thursday by Prime Minister Anthony Albanese, who has declared the nation’s manufacturing sector can be revived by tapping into a renewable energy boom.   

Albanese will announce the Solar Sunshot program at the site of the recently retired Liddell coal plant in NSW’s Hunter Valley, signalling the clash over energy policy with the federal opposition that has flagged plans to convert up to six coal generators to nuclear power.

The Albanese government has launched a $1 billion fund for local solar manufacturing. 


“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,” Albanese said.

“We can also invest in strategic manufacturing capability, particularly in components critical to the energy and economic transition, like solar panels.

“Historically, Australia has been good at going from the mining pit to port, and long may this continue. But the Australian government will also invest in the path from pit to panels and capture more value for our economy and workforce.”

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While Australia has the world’s highest uptake of rooftop solar panels – one in three Australian households has them – only 1 per cent are made in Australia.

The NSW government opened the first round of its million Net Zero Manufacturing Initiative to coincide with Solar Sunshot, committing $275 million, which NSW Minister for Domestic Manufacturing Courtney Houssos said would drive demand for local panel manufacturers.

“We will leverage our government procurement spend to build in offtake agreements with local solar manufacturers and foster the industry’s growth,” Houssos said.



The Solar Sunshot program will be run by the Australian Renewable Energy Agency and deliver grants and production credits. Those credits are then typically cashed in by manufacturers via tax breaks.

It follows the United States’ gargantuan Inflation Reduction Act, which some analysts believe could deliver up to $US1 trillion ($1.56 trillion) in production credits. The scheme has been described as a “global capital vortex” sucking up green investment – and Australia’s renewables industry has urged the government to open a similar scheme in the May budget.

One in three Australian households already have rooftop panels.


“We can also invest in strategic manufacturing capability, particularly in components critical to the energy and economic transition, like solar panels,” Albanese said.   

The government says its climate ambitions will boost traditional industrial centres such as Portland and the Latrobe Valley in Victoria, or Wollongong and the Hunter region in NSW.

It argues that the construction of wind and solar farms, as well as transmission lines, will create jobs for coal plant workers.

Workers in traditional, high-emissions steel mills and smelters will be needed to make green hydrogen and clean steel.



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“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,” Albanese said.

The government introduced legislation to parliament on Wednesday to establish the Net Zero Economy Authority, which is charged with developing a plan to decarbonise the economy.

The Albanese government has committed to boosting renewable energy to 82 per cent of the electricity grid by 2030, which would slash pollution from coal plants and deliver the bulk of cuts needed to meet its target to lower emissions 43 per cent by 2030.

Climate Change and Energy Minister Chris Bowen said about 60 million 500-watt panels must be installed by the end of the decade to achieve the government’s climate target.   

Local manufacture is far better than imports from China and these panels will be needed for private use.  However the need for the vast inefficient and environmentally unsound solar factories will be negated by nuclear power.

I think the horse has already bolted on this one. Australia is decades late getting into this game. Nevertheless, time will tell.

Carpet baggers will fill their pockets and mum and dad investors will lose their savings when this public service creation collapses with the managers wealthy and escaped overseas to evade prosecution.

This has the smell of WA Inc about it. Is Yosse Goldberg involved?