Australia's commitment to renewable energy is taking a significant leap forward with the $1 billion investment in the Solar SunShot programme, which aims to make the country a global leader in clean energy technology.
The establishment of the Net Zero Economy Authority underlines the Government's commitment to encouraging investment in home-grown clean energy solutions, particularly in regional areas.
Solar SunShot aims to strengthen Australia's position in the global solar manufacturing supply chain through strategic support, including manufacturing grants and subsidies, with a focus on domestic manufacturing, particularly in regions such as the Hunter.
Although Australia has the world's highest household penetration of solar panels, only a small percentage are manufactured locally, a gap that Solar SunShot aims to address.
In parallel, the NSW Net Zero Manufacturing Initiative, with its first round of funding of $275 million, aims to empower workers, small businesses and innovators to capitalise on the energy transition.
Future rounds of the initiative will explore opportunities for government procurement to provide off-take agreements, boosting opportunities for local manufacturers of renewable products and low-carbon materials.
Initiatives such as Solar SunShot and the NSW Net Zero Manufacturing Initiative not only drive economic prosperity in regional areas, but also deepen Australia's industrial capability.
Backed by more than $40 billion in government investment, Solar SunShot will be led by the Australian Renewable Energy Agency (ARENA), which will work with industry stakeholders to develop a comprehensive strategy that spans the entire solar supply chain.
ARENA's forthcoming consultation, due to launch in mid-April, will explore opportunities for innovation across a range of solar technologies, including ingots, wafers, cells, module assembly and associated components, further cementing Australia's position as a renewable energy powerhouse.