Australia’s Renewable Energy Revolution Begins With $566 Million Investment

Published on May 8, 2024

The Australian Labor government will invest heavily in critical mineral mapping to turn the country into a renewable energy superpower and a hot spot for renewable investment. On May 7, Prime Minister Anthony Albanese announced that the government would provide $566 million (US$366 million) in funding for a project that would deliver a map showing what was located under Australia’s soil and seabed for a 10-year period. The project will deliver data, maps, and tools to the resources industry, helping it locate critical materials and rare earth deposits needed for the renewable energy transition. In addition, it will pinpoint potential sites for “clean” hydrogen projects as well as locations in offshore areas that are suitable to build carbon capture and storage facilities....

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