$50 million to boost clean energy supply chains in the Indo-Pacific
The Australian Government will invest $50 million to support the development of secure and diversified clean energy supply chains in the Indo-Pacific region.
Australia’s contribution will support an initial round of studies to accelerate the development of investment-ready projects in the region, which could include products and activities like solar ingots, wafer production or battery cell component manufacturing.
Secure and diversified clean energy supply chains are an integral part of achieving the Indo-Pacific’s collective energy security, emissions reduction goals and transition to a net zero future.
This investment follows the announcement of the Quad Clean Energy Supply Chain Diversification Program at the May 2023 Quad Leaders’ Summit.
The Program will support the implementation of the Quad Principles on Clean Energy Supply Chains in the Indo-Pacific by funding research and development and feasibility studies aimed at developing and diversifying key clean energy supply chains associated with solar photovoltaic (PV) systems, hydrogen electrolysers and batteries.
The Program will be developed in close consultation with Indo-Pacific countries, to ensure it complements domestic efforts and delivers tangible outcomes.
“The world’s climate emergency presents economic opportunities to harness a growing global demand for clean energy", said Minister Bowen.
“Australia is proud to be providing $50 million to support Indo-Pacific nations to play a major role in meeting global demand across the clean energy supply chain.
“Diversifying and expanding supply chains is important to achieve Australia’s and our partners’ net zero targets.”