Australia's Legislation to Support Renewable Hydrogen and Critical Minerals: A Step Towards a Clean Global Economy
Key Ideas
  • The passage of legislation in the Australian Senate for tax breaks on renewable hydrogen and critical minerals processing is welcomed by the Australian Conservation Foundation (ACF).
  • The legislation aims to direct public funds towards clean forms of hydrogen produced with renewables, supporting the growth of clean energy export industries and contributing to global climate solutions.
  • ACF emphasizes the importance of pivoting away from fossil fuel exports and reallocating resources towards the clean energy future to avoid exacerbating climate change.
  • Targeted tax incentives are seen as a sensible government investment to jumpstart clean energy industries, provide policy certainty, and enhance the competitiveness of clean energy exports on a global scale.
The Australian Conservation Foundation (ACF) has expressed its support for the legislation passed in the Senate, which provides tax breaks for renewable hydrogen and critical minerals processing and refining activities. ACF CEO Kelly O'Shanassy highlighted the significance of these measures in promoting clean technologies and supporting the growth of a clean global economy. The legislation ensures that public funds are utilized for clean hydrogen production with renewables, excluding support for fossil fuel-intensive processes that contribute to climate change. Amendments introduced by the Greens were also praised for preventing public funds from being directed towards uranium mining, which poses risks to the environment and is opposed by First Nations communities. The ACF emphasizes the need for the Australian government to shift focus away from fossil fuel subsidies towards investments in clean energy exports to combat climate change effectively. The organization advocates for targeted tax incentives as a strategic intervention to stimulate the clean energy sector, attract investments, and enhance the competitiveness of Australian clean energy exports. ACF's research underscores the long-term benefits of such incentives in supporting the growth and sustainability of clean energy exports. By urging the government to prioritize clean energy initiatives over fossil fuel subsidies, ACF emphasizes the importance of transitioning towards a cleaner and more sustainable energy future.
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