Australia's Treasurer Calls For More Investment In Its Energy Transition

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Australia's Treasurer believes the country needs to significantly increase its energy transition spending, targeting an additional $145 billion by 2050.

Australia’s Treasurer has called for a boost of investment in the energy transition, saying that his next budget will have a focus on transition investments. “We need a set of prescriptions right for this transformation and right for this country,” Jim Chalmers told media, as quoted by Bloomberg, earlier today. In response to suggestions that Australia needs its own version of the U.S.

57 billion, in investments for “green mining, energy and manufacturing,” according to Bloomberg. Australia has abundant solar power resources and is making good use of them, mainly through rooftop solar installations. Solar and wind are seen as essential for Australia to achieve the Labor Party’s goal of 82% renewable electricity by 2030. However, this will not come free or cheap.

 

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