As Australia transitions to net zero, the 2024-25 Australia federal budget handed down on 14 May 2024 contains significant initiatives relating to renewable energy, hydrogen, critical minerals, green metals, low carbon liquid fuels and clean energy technology, with the AUD 22.7 billion “Future Made in Australia” package as a centerpiece. Through new or additional incentives and other funding, the Australian Government aims to attract investment in key industries for the energy transition and make Australia “a renewable energy superpower” as well as add value to the resources sector, particularly critical minerals, and strengthen economic resilience and security.

Following the Energy Ministers’ meeting on 8 December 2022 and the National Cabinet meeting on 9 December 2022, the Australian Commonwealth government announced that a new Capacity Investment Scheme (CIS) will be established, alongside other measures in the Energy Price Relief Plan.
The CIS is aimed at unlocking approximately AUD 10 billion in private and public sector investment in new clean dispatchable storage and generation to ensure reliability and security in Australia’s energy market, as well as affordable electricity supply and reduce Australia’s exposure to high coal and gas prices over the medium and long term.