Anthony Albanese: PM set to unveil $2 billion aluminium sector green scheme
Australia’s aluminium industry is set to share in billions of dollars of investment to help it convert to renewable energy.
Prime Minister Anthony Albanese will on Monday unveil a green aluminium production credit scheme that will provide financial support to smelters changing their energy source before 2036.
As part of the $2 billion program, facilities will be eligible for support for every tonne of clean, Australian aluminium they make over a decade.
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By continuing you agree to our Terms and Privacy Policy.The production credits form part of the federal government’s signature manufacturing program, set to cost $22.7 billion.
Mr Albanese said the production credits for aluminium would allow for more products to be manufactured locally.
“Investing in the Australian-made aluminium industry is a massive opportunity – to create well-paid jobs in our regions and suburbs, and set Australia up for the future,” he said.
“We’ve got the resources, the workers, and the know-how – the only thing we don’t have is time to waste. We are building Australia’s future, not taking Australia backwards.”
It’s estimated revenue to GDP for the Australian aluminium industry will increase from $5.1 billion per year to $6 billion annually by 2050.
Australia is the sixth-largest producer of aluminium globally.
Industry Minister Ed Husic said the production credit scheme would help to boost aluminium jobs while also reducing emissions.
“With an entire aluminium supply chain uniquely located right here in Australia, we’re well positioned to capture the rewards of the global green energy transition,” he said.
“Communities and businesses rely on aluminium smelters, and we have an opportunity to partner with the private sector to support these secure well-paying jobs into the future.”
Australian Aluminium Council chief executive Marghanita Johnson said the industry would be able to transition to renewable energy to make the sector sustainable for coming years.
“The natural advantages of our mineral reserves, renewable energy resources, and highly skilled workforce can give us a competitive edge, but only if supported by the right policy framework, over the right timeframe,” she said.
“The announcement of $2 billion in production credits for the sector represents a substantial step forward in the journey for Australia to position itself as a leader in the global aluminium market.”
