Australia’s energy transition is well underway – last year was a record year for investment in renewables, driving more demand for wind turbines and other electricity infrastructure.
Hundreds of tonnes of steel are in every single wind turbine, and with over 100 000 workers employed by the steel industry, investing in onshore manufacturers means more good jobs for Australian workers.
The plan that is delivering a modern, affordable, and reliable energy system, has put in place strong requirements – like local content targets in the Capacity Investment Scheme – to make sure renewable projects employ local people and use Australian manufacturing.
While Australia makes around 5.7 million t of steel each year, it needs more investment in expanding the fabrication capacity.
The Albanese Government’s AUS$500 million investment does just that, ensuring Australian manufacturers have the backing they need to scale up and seize the opportunities the energy transition offers.
This will drive new jobs in manufacturing, but it will also secure our economic resilience, ensuring they continue to have the know-how they need.
Through ARENA, the AUS$500 million allocation from the Innovation Fund will provide merit-based grants for manufacturing opportunities, including projects which build new capability in wind tower steel fabrication and related sectors.
Along with wind industry manufacturing, funds could be directed to clean energy technology manufacturing, including:
- Battery and storage technologies.
- Hydrogen electrolysers.
- Energy efficiency and electrification technologies.
- Other components critical to the clean energy transition, like cables.
This is the first allocation from the broader AUS$1.75 billion Future Made in Australia Innovation Fund.