An Albanese Labor Government will support the decarbonisation of existing industry, as well as the creation of new industry by establishing the Powering the Regions Fund.
The Powering the Regions Fund will keep Australian industry competitive in a changing global economy, and ensure our regions thrive.
The Powering the Regions Fund will be established with uncommitted funding from the Emissions Reduction Fund (ERF)/Climate Solutions Fund (CSF).
This grant funding will continue to purchase ACCUs on behalf of the Commonwealth – but its remit will be expanded to focus on an additional three priorities directly supporting industry:
- Supporting industry with its decarbonisation priorities, such as energy efficiency improvements and fuel switching (e.g. hydrogen);
- The development of new clean energy industries, such as green hydrogen production and export, and bioenergy;
- Workforce development, such as training existing workers in new technologies.