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SYDNEY (Reuters) – Australia establishes A$1 billion ($653 million) fund to support expansion of domestic solar panel manufacturing to strengthen the transition from coal-fired power generation to renewable energy Prime Minister Anthony Albanese said on Thursday.
Al Albanon’s centre-left Labor government has increased spending to take on new wind, solar and battery projects since coming to power in 2022, with more than A$40 billion of investment pledged. The government aims to have 82% of the electricity grid powered by renewable energy by 2030. Now it’s about 40%.
“Australia should not be the last link in a global supply chain built on Australian inventions,” Mr Albanese said in a statement.
“We have all the metals and critical minerals we need to be a central player in the net-zero transformation, and we have a proven track record as a reliable energy producer and exporter.”
One in three Australian homes has rooftop solar panels, the highest penetration rate in the world, but only 1% of these are locally manufactured.
Mr Albanese told ABC radio the initiative includes production subsidies and subsidies to help Australia’s largest power producer, AGL Energy, manufacture solar panels on the site of its former coal-fired Liddell power station. He said he plans to support them.
Mr. Albanese said that being able to manufacture panels domestically would avoid potential future trade disruptions similar to those faced during the COVID-19 pandemic and the closure of coal-fired power plants. He said it would support employment.
“There are other closures planned in the future…We need to look for opportunities to keep workers employed in alternative, high-wage, stable jobs,” he said.
The Australian Renewable Energy Agency (ARENA) will support the design and implementation of this initiative. ARENA examines the entire supply chain, from ingots and wafers to cells, module assemblies and associated components, including solar glass and inverters.
(1 dollar = 1.5314 Australian dollars)
(Reporting by Renju Jose in Sydney; Editing by Sam Holmes)
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