The Albanese government is being pushed to provide an extra $100bn over 10 years to boost jobs and reduce emissions including through investments in clean industries and manufacturing of renewable energy components.
At the Australian Renewables Industry summit in Canberra on Monday unions, the renewable energy sector, community and investor groups will call for the package to respond to massive investment overseas including the US’s Inflation Reduction Act (IRA).
Labor faced a similar push before its national conference in August, resulting in a substantial increase in ambition in the party’s platform. It now recognises the energy transition is the “most significant economic opportunity since the Industrial Revolution” and commits to “substantial public investment in or underwriting of” critical assets.
The latest push is endorsed by groups including the Australian Council of Trade Unions, Australian Conservation Foundation, Climate Energy Finance, Rewiring Australia and the Smart Energy Council.
The group wants a minimum of $100bn over 10 years for: critical minerals; green iron, steel, and aluminium; advanced manufacturing including solar and wind components and batteries; heat pumps and home energy management; transmission; clean energy exports; zero carbon transport vehicles and fuels; and recycling.
The proposal does not specify the form of investment, which could include a mix of tax credits for advanced manufacturing, off-budget funds such as the National Reconstruction Fund, or direct government spending.
The assistant minister for manufacturing, Tim Ayres, will address the summit. Stakeholders are lobbying the climate change and energy minister, Chris Bowen, ahead of decisions on further clean energy investments to be included in the mid-year economic and fiscal update.
The Smart Energy Council chief executive, John Grimes, said Australia was “standing at a crucial juncture in our nation’s history”.
“Our world-leading resources and renewable energy potential provide the opportunity for Australia to become a driving force in the global green economy while driving down emissions in line with the science to maintain a safe climate.
“But without significantly greater investment, we simply won’t be able to build the industries of the future, reduce emissions, create jobs or strengthen national prosperity and social equity.”
The ACTU president, Michele O’Neil, said “the US, Canada, European Union, India, Korea and Japan are already committing hundreds of billions of dollars towards clean industrial support packages”.
“Australia needs to do the same to fulfil our enormous clean energy potential and create hundreds of thousands of well-paid, safe and secure jobs.
“Both the urgency of the climate crisis and the enormity of the clean energy opportunity for workers and communities call for a bold, ambitious, and timely response from government.”
Climate Energy Finance’s founder, Tim Buckley, said, “we need a far more integrated and ‘big picture’ approach to encourage greater investment, commensurate with the scale of this massive renewables and critical minerals and metals embodied decarbonisation export opportunity for Australia”.
In August the industry minister, Ed Husic, said the government wanted to signal that decarbonisation is “really important to Australia”.
“The challenge of the IRA is that you don’t lose your capacity – that is, that firms don’t get lured offshore to do work in the US,” he told Guardian Australia.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in the technology and base meta sectors, while U.S. stock markets also climbed higher.
The S&P/TSX composite index was up 106.70 points at 24,179.21.
In New York, the Dow Jones industrial average was up 280.87 points at 42,361.24. The S&P 500 index was up 26.51 points at 5,777.64, while the Nasdaq composite was up 69.52 points at 18,252.44.
The Canadian dollar traded for 73.08 cents US compared with 73.22 cents US on Tuesday.
The November crude oil contract was down 67 cents at US$72.90 per barrel and the November natural gas contract was down eight cents at US$2.66 per mmBTU.
The December gold contract was down US$2.30 at US$2,633.10 an ounce and the December copper contract was down five cents at US$4.41 a pound.
This report by The Canadian Press was first published Oct. 9, 2024.
