The Australian federal government has recently unveiled ground-breaking initiatives aimed at facilitating international investment attraction opportunities for industry and investors in Australia's critical minerals and clean energy sectors. Through strategic partnerships such as the Australian-United States' Climate, Critical Minerals and Clean Energy Transformation Compact and the $20 million Singapore-Australia Go-Green Co-Innovation program, along with other international clean energy collaborations, Australian businesses have an opportunity to gain access to a wealth of global investment funding.
These innovative partnerships mark a significant milestone in Australia's pursuit of economic growth through its clean energy revolution. Through access to foreign capital, the nation's miners, defence, and green technology innovators can receive a strategic funding injection to amplify the impact of Australia's $15 billion National Reconstruction Fund, flagged as leading Australia’s charge towards reaching global renewable energy superpower status.
Australia boasts some of the world's largest reserves of critical minerals, including lithium, cobalt, rare earths, and nickel, which are crucial components in electric vehicles and batteries. Moreover, these resources are extracted under advanced Environmental, Social, and Governance (ESG) regimes, with Australia recently signing up to Canada’s Sustainable Critical Minerals Alliance, ensuring the responsible and sustainable practices global supply chains are looking for. Combined with the country's pool of talented individuals in the renewable energy sector, Australian businesses are primed to reap the benefits of these international opportunities.
These partnerships and the accompanying grant funding opportunities present a pivotal opportunity to strengthen Australia's innovation efforts and boost research and development expenditure. Currently, Australia lags behind in global innovation rankings, scoring 47.1 points on the UN's WIPO Global Innovation Index, while the United States and Singapore lead with 61.8 and 57.3 points, respectively. Leveraging the expertise and resources of our international partners may serve as the catalyst to bridge this gap and bolster Australia's innovation ecosystem.
These initiatives from the United States and Singapore promise to usher in a new era for Australian industry. Let’s look at the detail on these two key initiatives.
Other International partnerships
Australia has formed many clean energy partnerships with international partners to advance practical action on climate change and build new clean energy industries. These include Germany, Japan, Korea, United Kingdom and the Netherlands.
As Australia stands on the precipice of unprecedented international collaboration to supercharge renewable energy transformation, industry participants and investors should get ready for industry consultation and government grant funding opportunities.
Grant Thornton has a global footprint of experts in North America, Europe, United Kingdom, India with other locations, that support the renewable energy sector and with a specialist focus on helping companies access funding at both federal and state levels. Our global teams can help support your discussions with infrastructure banks, build successful export strategies and access government funding. To learn more about government grant funding opportunities, contact us below.