Australia’s Renewable Energy Revolution Begins With $566 Million Investment

A reclaimer works in the Yandicoogina stockyard and loading a conveyor with high grade iron ore in Pilbara, Australia, on Sept. 4, 2009. Christian Sprogoe/AFP via Getty Images

The Australian Labor government will invest heavily in critical mineral mapping to turn the country into a renewable energy superpower and a hot spot for renewable investment.

On May 7, Prime Minister Anthony Albanese announced that the government would provide $566 million (US$366 million) in funding for a project that would deliver a map showing what was located under Australia’s soil and seabed for a 10-year period.

The project will deliver data, maps, and tools to the resources industry, helping it locate critical materials and rare earth deposits needed for the renewable energy transition.

In addition, it will pinpoint potential sites for “clean” hydrogen projects as well as locations in offshore areas that are suitable to build carbon capture and storage facilities.

The funding will appear in the upcoming May federal budget, and government agency Geosciences Australia will be responsible for carrying out the project.

The prime minister emphasised the importance of mapping critical resources in Australia’s renewable transition.

“A future made in Australia relies on providing confidence to investors and supporting those who take on the task of exploring our vast continent,” he said.

“The world needs more of these resources, and our government is going to help Australia find more.”

Supporting Local Communities and Industries

Mr. Albanese said the project is also designed to provide communities with information about infrastructure planning and environmental assessments, giving them greater certainty.

The project would also support the agricultural sector and create a “sustainable pipeline of projects,” he added.

At the same time, the government said farmers, as well as regional and Indigenous communities, would be educated about how to manage land and water resources and be fully informed about potential mining projects in their region.

“As the emissions footprint of technology becomes more important to buyers, being able to power refining, processing, and manufacturing with clean energy becomes more valuable for sellers,” Mr. Albanese said.

The prime minister believed that the project would help establish Australia as a renewable energy superpower.

Apart from the $566 million funding, the government will spend another $100 million to hire more staff to review business proposals for renewable and critical mineral projects, as Mr. Albanese said the current approval process was “far too slow.”

‘Reckless’: Opposition Raises Concerns

As the government is pushing for more projects to facilitate the renewable transition, the Opposition has raised concerns about its approach.

During a recent interview, Nationals Leader David Littleproud labelled Labor’s race to all renewables approach as “reckless,” saying regional Australians were bearing the brunt of Labor’s policies.

“They are being asked for their livelihoods and their lifestyles to be torn up all for an ideology that doesn’t meet the practical reality,” he said.

“They are going to have thousands of hectares of their lifestyle ripped up, your food security being torn up, your food prices going up–all because of an ideology.”

Opposition Leader Peter Dutton also said there was a moral argument for the “renewables only” policy being pushed by the prime minister due to the negative impacts it had on regional communities, including the clearing of mountains and forests to build wind turbines.

“I’m in support of renewable energy, but as part of a mix, and I want to make sure that we can bring prices down for Australians,” he said.

“These wind turbines are going to drive up the cost of electricity, they’re going to make it less reliable, which means we’ll lose manufacturing, and it means that we will have less green power.”