Australia’s government has announced an extra US$1.2 billion in clean energy financing to speed a transition from coal and other fossil fuels to renewables.
The country has vowed to reach net zero carbon emissions by 2050 — but energy authorities say quick action is needed to fill the gap left by shuttered coal-fired power stations.
Prime Minister Anthony Albanese said the extra Aus$2 billion (US$1.2 billion) for the state-owned Clean Energy Finance Corporation would unlock Aus$6 billion in private sector investment.
“We are building Australia’s future,” he said in a statement Thursday.
The clean energy financier said the extra capital would take its total investment capacity to Aus$32.5 billion.
It was the first boost to the green bank’s investment capacity since it was established with Aus$10 billion in 2012.
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