New Bill to Supercharge Renewable Investments

The Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024 has been introduced to Parliament, aiming to drive investment in renewable hydrogen and critical minerals, bolstering Australia's role in the global net-zero transition.

1. Hydrogen Production Tax Credit:

   • Value: $2 per kg of renewable hydrogen.

   • Timeline: Projects active between 2027–28 and 2039–40, up to 10 years per project.

2. Critical Minerals Tax Credit:

   • Value: Covers 10% of processing and refining costs for 31 critical minerals.

   • Timeline: Same eligibility as hydrogen projects.

The bill ensures:

• Boosted Private Investment: Strengthens Australia's clean energy industries, creating secure, well-paid jobs nationwide.

• Community Focus: Projects must align with six Community Benefit Principles, ensuring local workers and industries benefit.

• Clarity for Investors: Provides certainty for businesses to confidently invest in renewable energy and critical mineral processing.

The Clean Energy Council called the bill a "catalyst" for unlocking billions in private investment. Anna Freeman, Policy Director for Decarbonisation, emphasized its potential to position Australia as a global leader in green hydrogen production, vital for decarbonizing heavy industries like steel, shipping, and aviation.

With unparalleled renewable energy resources, Australia has a strong opportunity to lead in the production of hydrogen and critical minerals essential for technologies like wind turbines, solar panels, and EVs.

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