$70 Million Goes Towards Cutting Emissions in Australian Shipping Facilities

Published on September 27, 2024

The Australian maritime sector is set to go green, fuelled by a significant $70 million (US$48 million) investment from the government-backed Clean Energy Finance Corporation (CEFC). The new initiative aims to harness green finance to transform a traditionally hard-to-abate industry into a more sustainable player in the global economy. Shipping is a vital lifeline for the world economy, renowned for its cost-efficiency in transporting goods. However, the government says the sector is also one of the most emissions-intensive contributors to climate change. In the fiscal year 2021–22, Australia’s domestic maritime sector emitted approximately 2 million tonnes of climate pollution, according to the Department of Climate Change, Energy, the Environment and Water....