Latest budget ‘the biggest clean energy budget in Australia’s history’

The 2024-25 federal budget released last night has been called the biggest for clean energy in history, adding substantial support behind Australia’s net zero ambitions and potentially unlocking thousands of jobs in the sector.

Clean Energy Council CEO Kane Thornton says this year’s budget demonstrates resolute and ambitious leadership by the Albanese government on Australia’s clean energy transition. 

“This is a budget that puts renewable energy at the centre of our economic future,” Thornton says. 

“The government is doubling down on clean energy, which will deliver lower electricity prices, thousands of jobs in the clean economy, and will set Australia up to fulfil its potential as a clean energy superpower.”

Meanwhile, the Australian Renewable Energy Agency (ARENA) says expanded funding and new budget programs announced in the 2024-25 federal budget will supercharge Australia’s net zero transition.

Under a $7.1 billion funding package, $1.9 billion will boost ARENA’s baseline funding, while $2 billion will support round two of the hydrogen headstart program. 

ARENA says the hydrogen headstart program represents an important step towards Australia becoming a “global renewable hydrogen leader.”

The funding and programs build on ARENA’s existing work and track record of almost 12 years in delivering transformative projects that expedite the energy transition in pursuit of Australia’s emissions reduction targets. 

CEO Darren Miller says it is more crucial than ever to take action on reducing emissions. 

“ARENA is continuing to perform at the highest level, with the backing of a solid and proven investment strategy and a capable team, we welcome the government’s trust in us to continue our important work,” he says. 

Meanwhile, the Climate Council says the federal government is charting a course to power past the end of fossil fuels, as billions of dollars are being invested in clean industries. 

CEO Amanda McKenzie notes that gas and coal are not part of the latest budget’s Future Made in Australia vision. 

“Building a renewable future and clean industrial base will deliver good jobs and greater prospects for Australians. This is critical to slash climate pollution and protect our kids’ future,” she says. 

Write to Aaliyah Rogan at Mining.com.au   

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.