The recently released Federal Government Budget has outlined key measures to promote energy security and a low carbon future.
Some of the key budget measures include:
- Funding for the Critical Minerals Officer and Australian Radioactive Waste Agency (ARWA)
- A Future Gas Strategy development
- An environmental management regulatory framework review
- Ongoing support for the economical development of Northern Australia.
For critical minerals, which are crucial component in the race to net zero, budget funding has included $57.1 million for the established Critical Minerals International Partnerships Program and $21.1 million to ensure the ongoing operation of the Critical Minerals Office.
A total of $2.2 million has been budgeted for the Treasury to track compliance in the critical minerals sector, while $12 million will go toward a review of the environmental management regime for offshore petroleum and greenhouse gas storage activities.
“Critical minerals including rare earths are crucial components of low-emissions technologies such as batteries, electric vehicles and solar panels. They will be increasingly important to global efforts to decarbonise and reach Paris commitments,” Minister for Resources Madeleine King said in a statement.
“Australia has vast reserves of critical minerals. Building the sector by generating new downstream industries and diversifying global supply chains, will help Australia achieve net zero commitments.”
King is set to release Australia’s new critical minerals strategy, outlining how the country can leverage its critical minerals to meet global demand for clean energy while still creating new industries and jobs in Australia.