Australia’s big green moves: Australia’s government is injecting AUD bns in multiple subsidies and incentives programs to support its green transition. Here is what we know:

#1- AUD 2 bn to support households’ + small businesses’ clean transition: The Albanese government earmarked AUD 2 bn (c. USD 1.26 bn) into the Clean Energy Finance Corporation (CEFC) to accelerate the country’s shift to renewable energy, according to a statement released on Thursday. The CEFC plans to leverage this investment to offer cost savings for households and small businesses transitioning to clean energy while unlocking an estimated USD 6 bn (c. USD 3.78 bn) in private investment from local and global entities.


#2- USD 1.2 bn in credits for greener aluminum production: The country is also offering ten-year production credits worth USD 1.2 bn to aluminum producers if they switch to renewable electricity before 2036, according to a statement issued on Monday. The move is part of the government’s Future Made in Australia program, which has already pledged AUD 22.7 bn (c. USD 14.23 bn) in tax incentives for renewable hydrogen and critical minerals production starting in 2028, Bloomberg reported Sunday. Australia is the world’s sixth-largest aluminum producer, with four smelters nationwide.

Greenpeace victorious in nitrogen pollution case: A court in The Hague has ordered the Dutch government to cut its nitrogen emission by 2030 or potentially face a EUR 10 mn fine, ruling in favor of Greenpeace, Reuters reported Wednesday. The judges found that the administration’s efforts to cut nitrogen emissions by 2030 were insufficient to curb pollution from the heavy use of fertilizers and construction. The European Court of Justice made a similar ruling in 2018, as well as the Netherlands’ Council of State in 2019.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Microsoft to offset carbon emissions rehabilitating the Amazon forest: Microsoft agreed to buy 3.5 mn credits over 25 years from Re.green, a Brazilian start-up that restores farming and cattle land by planting native tree species. The initiative — valued at around USD 200 mn — aims to offset the tech giant’s AI-driven surge in greenhouse gas emissions. (The Financial Times)
  • PwC consortium tapped to set up EUR 9 mn trading platform for minerals + energy: The EU has reportedly tapped PriceWaterhouseCoopers (PwC) and Slovak software firm Sféra to develop a joint purchasing platform for critical minerals and energy at an investment cost of EUR 9 mn. The trading platform — slated to launch this year — will include critical minerals, hydrogen, biomethane, and natural gas. (Reuters)
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