Hydrogen central to Government meeting global pledge to triple renewable capacity
Active involvement in the World Climate Action Summit reinforces Australia’s determination to lead the charge towards a greener, more sustainable future, harnessing its resources and expertise in clean energy technologies to make substantial contributions on the global stage.
The Federal Government has joined more than 100 nations, aligning with major energy exporters like the United States, Canada, and Norway, in a unified push toward renewable energy and heightened energy efficiency.
Recognizing renewables as the cleanest and most cost-effective energy source, the government is intensifying its commitment to support the UAE’s initiative to triple global renewable energy generation and double energy efficiency improvements by 2030.
This week Australia has also signed onto The Statement on International Public Support for the Clean Energy Transition, more commonly referred to as the ‘Glasgow Statement’ or ‘CETP’, which was launched by the United Kingdom at COP26 in 2021.
This formalises the Albanese Government's pledge to redirect investment to fund a foundational $100 million to the Pacific Resilience Facility (PRF) and will see the nation rejoin and contribute $50 million to the Green Climate Fund (GCF).
Australia’s contributions to climate and energy infrastructure for the Pacific region will include $75 million for a program for off-grid and community scale renewable energy in remote and rural parts of the Pacific.
Central to the renewable energy expansion vision is the landmark $2 billion Hydrogen Headstart program, designed to bolster large-scale hydrogen projects within Australia. This initiative not only solidifies the country’s commitment to renewable energy but also positions it as a frontrunner in fostering cutting-edge energy solutions.
Emphasizing the economic and environmental benefits, Australia’s government aims to bolster its renewable energy sector through an expanded Capacity Investment Scheme (CIS). This initiative is geared to facilitate the installation of 32GW of new renewable generation and storage, fostering investor confidence and driving down energy costs for both households and businesses.
Australia’s strides in rooftop solar installations have secured its position as a global leader. With an ambitious target of achieving 82% renewables by 2030, the government is poised to significantly reduce emissions while ensuring a more reliable and affordable energy supply.
Australia’s focus on international collaboration underpins its intention to become a pivotal player in supplying clean energy technologies globally, while nurturing a burgeoning domestic industry.