Finance

For every dollar invested in fossil fuels, 1.7 dollars are invested in clean technologies. Five years ago, it was a one-to-one ratio, said the International Energy Agency.

A global race is underway to capture the manufacturing market for clean energy technologies. While lady lucky has certainly shone on Australia, competition is fierce, experts say.

A consortium led by tech billionaire Mike Cannon-Brookes’ Grok Ventures and including green energy investment manager Quinbrook Infrastructure Partners has been successful in acquiring the giant $35 billion Sun Cable renewable energy project.

Solar has been described as the “star performer” by the International Energy Agency which has forecast that global investment in clean energy is on course to rise to $2.61 trillion (USD 1.7 trillion) in 2023, with spending on solar set to eclipse outlays on oil for the first time.

Australia’s push to become a green hydrogen superpower has gained new momentum with the federal and Queensland governments teaming with consortium partners to deliver $117 million (USD 76 million) to progress a 3 GW renewable hydrogen project being developed near Gladstone on the central Queensland coast.

The numbers behind headlines of billion dollar cost blowouts and delays to New South Wales’ energy transformation appear foggy at best, with unexamined sources seemingly leading to widespread misreporting.

The ACT government has awarded over a million dollars to support the commercialisation of technologies from six upcoming renewable companies. Round three of the territory’s $12 million innovation fund includes support for a startup which has developed a 3D printer capable of printing electronics.

Australia and India will establish a Green Hydrogen Taskforce, with prime ministers today agreeing to the Taskforce’s terms of reference. The meeting strengthens ties between India and Australia in relation to renewable energy ambitions and manufacturing, with plans extending to critical mineral and solar manufacturing.

Australia’s energy ministers have agreed to provide $3 million (USD 2 million) to the Australian Energy Market Operator (AEMO) to ensure new renewable projects are connect to the grid before next summer.

Victoria’s newly released state budget includes $1 billion (USD 670 million) for the resurrected government energy outfit, the State Electricity Commission, almost $200 million for clean energy education, as well as funding to streamline critical minerals projects and to install 100 new neighbourhood batteries.