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OP ED | Future Made in Australia Act puts country in global cleantech race
The Australian
The Act could be the foundation for our future as a zero-emissions trade and investment leader and global clean energy superpower, as we inevitably pivot from our historic dependence on carbon exports.
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Future Made in Australia Act puts country in global cleantech race
The Australian
By BLAIR PALESE and TIM BUCKLEY
To capitalise on the advantages of our strongly export-oriented economy and our excellent relationships with our partners in an increasingly complex and dynamic global geopolitical context, the government’s Future Made in Australia is focused on collaborating with our Asian trade partners.
The government has acknowledged the need for better understanding and tools to determine how Australia encourages and develops an international green premium price signal for trade in decarbonised products.
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Welcome to the Prime Minister’s vision of the future – made in Australia
The New Daily
That there is an opportunity, there is no doubt. Tim Buckley, director of think tank Climate Energy Finance and a former managing director of Citigroup, he tells me there is $US4 trillion-$6 trillion ($6.1 trillion-$9.1 trillion) annually of global investment capital looking to find a home in the world’s clean energy and decarbonisation revolution.
But he says, in the face of the US Inflation Reduction Act and the direct stimulation and support that is providing for clean energy investment and the reinvigoration of manufacturing capacity there, “Australia can’t rely on the traditional notion of free markets in international trade and competition”.
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Future Made in Australia Act ‘expands Australia’s opportunity’: Tim Buckley
Sky News
limate Energy Finance Director Tim Buckley says the Prime Minister’s Future Made in Australia Act requires a “whole of government” approach without “overriding environmental consideration”.
This comes amid criticism that the investment into renewables has plateaued and it’s the wrong time to be putting all our eggs in one basket.
Mr Buckley said there are many renewable energy projects in the investor cue “waiting for the right government policy ambition”.
“That’s what we’re getting today,” he told Sky News Australia.
He also pointed out Australia needs to leverage its trading resources and “help our major Asian trading partners decarbonize their economy”.
“It’s about working collaboratively.
“This actually really expands Australia’s opportunity investment set.”
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New Straits Times | Australia PM unveils plan to overhaul economy, invest in green energy
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Prime Minister Anthony Albanese will unveil the “Future Made in Australia Act” to help compete with global partners who are providing massive subsidies to new industries, according to an advance copy of his speech.
The act, to be passed this year, would mark a departure from Australia’s decades-old free market policies on trade and investment.
“We need to be willing to break with old orthodoxies and pull new levers to advance the national interest,” the centre-left Labor Party prime minister will say.
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Australia PM Unveils Plan To Overhaul Economy, Invest In Green Energy
Barron's
Mining superpower Australia on Thursday announced a US-style scheme to pour public money into manufacturing and clean energy industries, joining the global race to build a cleaner and more resilient economy.Prime Minister Anthony Albanese unveiled the “Future Made in Australia Act” to help compete with global partners who are providing massive subsidies to new industries.
The act, to be discussed by parliament this year, would mark a departure from Australia’s decades-old free market policies on trade and investment.
“We need to be willing to break with old orthodoxies and pull new levers to advance the national interest,” the centre-left Labor Party prime minister said.
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Radio France International | Australia PM unveils plan to overhaul economy, invest in green energy
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Tim Buckley, director of independent public interest think tank Climate Energy Finance, said the act would lay the foundations to make Australia a zero-emissions trade and investment leader and global clean energy “superpower”.
About 27 percent of the Australian economic output came from exports to international partners and this new act would have flow-on effects and help them decarbonise as well, Buckley told AFP.
“State intervention is the new competition. We can’t afford to ‘sit it out’. The Future Made In Australia Act puts Australia into the global race. It is the investment signal and de-risking private capital needs,” he said.
But he said greater details were needed to ensure that local, state and federal governments worked together on ensuring the act was rolled out smoothly.
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DAILY TELEGRAPH | New, wide-ranging industry support is welcome, but structural problems remain, business says
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In practice a production tax credit would generate a tax credit of perhaps 10 per cent, which could be offset against a company’s tax bill for qualifying downstream processing activities, or received as cash if the company was not generating profits.
The head of the Climate Energy Finance think tank, former Citigroup managing director Tim Buckley said the government’s assertion that state intervention “is the new competition’’ was correct.
“We can’t afford to ‘sit it out’,’’ Mr Buckley said.
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ABC Drive Illawarra | A Uniquely Australian Opportunity
ABC Radio
We need to get on the bandwagon or get left behind. The transition is happening. The world is moving on. If we don’t move with everyone, Australia will languish and stagnate. So what’s in this plan? Founder and director of Climate Energy Finance Tim Buckley is here. G’day, Tim.
Good afternoon Jake.
So how would you describe this plan in simple terms?
This plan. is definitely Australia’s uniquely Australian response to the US Inflation Reduction Act. Without doubt.
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PM’s Made in Australia plan could compel Big 4 banks to unlock $400 billion in sustainable finance
Renew Economy
Great news today as Prime Minister Anthony Albanese announces the Future Made in Australia Act, designed to deliver a uniquely Australian Response to the US Inflation Reduction Act (IRA) which is turbocharging renewables, cleantech and reindustrialisation in the US as it mobilises massive private capital investment. To date, the Big 4 have established $385bn (and growing) worth of sustainable finance targets (SFT) that are, in part, aimed at contributing to climate change mitigation.
It will be up to the banks to align their capital allocation and reporting to the new taxonomy from FY2025 and, crucially, to prioritise financing that achieves the objectives of the new Act.
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Australia PM unveils plan to overhaul economy, invest in green energy
Yahoo
Prime Minister Anthony Albanese unveiled the “Future Made in Australia Act” to help compete with global partners who are providing massive subsidies to new industries.
The act, to be discussed by parliament this year, would mark a departure from Australia’s decades-old free market policies on trade and investment.
Tim Buckley, director of independent public interest think tank Climate Energy Finance, said the act would lay the foundations to make Australia a zero-emissions trade and investment leader and global clean energy “superpower”.
About 27 percent of the Australian economic output came from exports to international partners and this new act would have flow-on effects and help them decarbonise as well, Buckley told AFP.
“State intervention is the new competition. We can’t afford to ‘sit it out’. The Future Made In Australia Act puts Australia into the global race. It is the investment signal and de-risking private capital needs,” he said.
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“Ambitious and visionary:” Praise and some skepticism greets green manufacturing Act
Renew Economy
In a speech to Queensland’s Media Club, Albanese laid out the foundations of federal Labor’s plan to use taxpayer-funded incentives to advance the manufacturing and clean energy industries, including hydrogen, green metals, solar power and emerging renewables.
“Albanese’s speech announcing the Act is ambitious and visionary,” said Tim Buckley, director of Climate Energy Finance and a former MD of Citigroup.
“It has the makings of the foundation for our future as a zero-emissions trade and investment leader and global clean energy superpower, as we inevitably pivot from our historic dependence on carbon exports.
Buckley says Albanese’s vision is to build on Australia’s existing strengths – and critically, also look beyond them – a point many “old-school economists” have so far failed to grasp.
“Relying on traditional competitive advantage logic misses that the transition to net zero is a $US4-6 trillion annual investment opportunity globally for the next couple of decades… and one in which every major economy has invested massive national interest public capital,” Buckley said on Thursday.
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