Support the decarbonisation of existing industries, develop new clean energy industries and support sovereign manufacturing capacity essential to the energy transition including:
* $450.3 million over 4 years from 2023-24 (and a further $149.7 million over 3 years from investments at trade-exposed industrial facilities covered by the Safeguard Mechanism
* $400.0 million over 4 years from 2023-24 to establish the Industrial Transformation Stream to support reduction of direct and indirect emissions at existing industrial facilities, or clean energy development, in regional Australia Climate Change, Energy, the Environment and Water |
* $400.0 million over 3 years from 2023-24 to establish the Critical Inputs to Clean Energy Industries Stream to support the sovereign manufacturing capability of industries that produce inputs (primary steel production, cement and lime, alumina and aluminium) that are essential to the development of Australia's clean energy industries
* $14.5 million over 4 years from 2023-24 to accelerate the development of the offshore renewable energy industry growth strategy and regulatory compliance activities
* $8.6 million over 4 years from 2023-24 to support implementation and review of the Safeguard Mechanism reforms
* $3.9 million over two years from 2023-24 for a review of policy options to reduce carbon leakage, including of an Australian carbon border adjustment mechanism.
The Government will allocate $1.3 billion over 5 years from 2022-23 from $1.9 billion provided in the 2022-23 October Budget to support the decarbonisation of existing industries, develop new clean energy industries and support sovereign manufacturing capacity essential to the energy transition including: * $450.3 million over 4 years from 2023-24 (and a further $149.7 million over 3 years from investments at trade-exposed industrial facilities covered by the Safeguard Mechanism * $400.0 million over 4 years from 2023-24 to establish the Industrial Transformation Stream to support reduction of direct and indirect emissions at existing industrial facilities, or clean energy development, in regional Australia Climate Change, Energy, the Environment and Water | * $400.0 million over 3 years from 2023-24 to establish the Critical Inputs to Clean Energy Industries Stream to support the sovereign manufacturing capability of industries that produce inputs (primary steel production, cement and lime, alumina and aluminium) that are essential to the development of Australia's clean energy industries * $14.5 million over 4 years from 2023-24 to accelerate the development of the offshore renewable energy industry growth strategy and regulatory compliance activities * $8.6 million over 4 years from 2023-24 to support implementation and review of the Safeguard Mechanism reforms * $3.9 million over two years from 2023-24 for a review of policy options to reduce carbon leakage, including of an Australian carbon border adjustment mechanism. Funding of $89.0 million has also been provided through the Powering the Regions Fund to support energy transition investments important to regional Australia, including the Reliable, Secure and Affordable Energy. The Powering the Regions Fund will continue to support Government purchase of Australian Carbon Credit Units. This measure builds on the 2022-23 October Budget measures titled Establishing Offshore Renewables in Australia and Powering Australia - establishing the Powering the Regions Fund.