Act of Creation in Australia – Companions of the Earth Australia



The Australian federal government is to introduce the Future Made in Australia Act which will focus on manufacturing clean renewables and decarbonising the economy. The Act draws influence from the US Inflation Reduction Act and aims to promote new investment in clean energy and build a new industrial base. In the wake of COVID-19 and ongoing climate change, the Act acknowledges the need for government intervention in transitioning to renewable energy, and will offer financing facilities, investor incentives, competition reform and community incentives for renewable energy projects.

\"FederalToday, the federal government is introducing the Future Made in Australia Act that focuses on clean renewable manufacturing and decarbonisation of the economy.

Nudged by the US Inflation Reduction Act, it aims to boost new investments in clean energy and construct a new sovereign industrial base, a move wholeheartedly welcomed by Friends of the Earth Australia.

Amidst ongoing Culture War deadlock over national energy policy, there are questions regarding the support of the Liberal and National parties for this common-sense approach to managing the economic and energy transition underway.

Long years of neoliberal ideology and delay have highlighted the need for robust government intervention to support the economy and community during times of crisis and transformation, such as the covid pandemic.

As the energy transition progresses, the necessity for a larger government role in the economic transition is evident to ensure fairness and justice.

As Australia reckons with the combined industrial and information revolution, it’s crucial to brace for the changing global economic order and increasing impacts of climate change.

Reports suggest that the federal government will detail a reform agenda today, including new financing facilities, investor incentives for economic growth, sovereignty over resources and critical minerals, competition reform and community incentives for renewable energy projects.

The US Inflation Reduction Act

In 2022, the U.S. Congress passed the Inflation Reduction Act (IRA), aimed at reducing domestic inflation triggered by the global energy crisis and combating climate change. A main objective of the act is to cut carbon emissions by around 40 percent by 2030.

The IRA is opening opportunities for project development, job creation, and equipment manufacturing to bolster domestic supply chains, lower household energy costs, reduce greenhouse gas emissions, and ensure well-paid jobs.

Learn more about the US Inflation Reduction Act.

For further comment, contact Cam Walker at 0419 338 047.

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