Clean energy economy leaders cheer on Future Made in Australia Act

A group of seven Australian renewable energy industry organisations and investment bodies has called on the government to stay the course on the Future Made in Australia Act (FMAA) and back it with targeted budgetary commitments to leverage a “once-in-a century” decarbonisation opportunity.

The Clean Energy Investor Group (CEIG), Clean Energy Council (CEC), Rewiring Australia, Smart Energy Council (SEC), Beyond Zero Emissions, Climate Energy Finance (CEF), and Climate Capital Forum have stood as one to show their support for the recently announced initiative that is designed to build local industries focusing on the clean energy transition.

Representing developers and investors with 16 GW of installed renewables capacity across 76 power plants, CEIG Policy Director Marilyne Crestias said Australia needs ambitious policy direction to reduce the risks associated with the energy transition.

“The Future Made in Australia Act has the potential to unlock significant domestic and international private capital including through the national superannuation system,” she said.

“Australian investors also welcome the long-term visibility and certainty of the suite of related decarbonisation measures the government has put in place including the Capacity Investment Scheme and the aligned building of firmed renewable energy offtake demand.”

CEC Chief Executive Kane Thornton said the FMAA recognises the imperative of placing renewables at the centre of economic reform.

“The United States’ Inflation Reduction Act (IRA) has completely reshaped the global energy transformation as major economies compete for capital, equipment, resources and skilled labour,” he said.

“It is time for Australia to step up and prioritise smart policy and support in this new era, leveraging our competitive advantages and abundance of renewable energy resources.”

SEC Chief Executive Officer John Grimes described the FMAA as visionary and a move away from the “dig and ship” approach, adding that he is looking to the federal budget to lay the foundations for Australia to be a renewables and critical minerals superpower.

“Australians can make things here,” he said. “We can produce the cheapest electricity right here using solar and wind, and as a result produce some of the cheapest products in the world.”

“We can produce green iron, green ammonia, refined lithium, high purity low emissions alumina, aluminium, and graphite, right here in Australia.”

“Australia can play a key role in the solar and battery manufacturing supply chains, to build domestic expertise in firmed renewables infrastructure critical to powering value-add to our critical minerals.”