Australian PM commits $1.2 billion to incentivise green aluminum production

by IANS |

Canberra, Jan 20 (IANS) Australia's Prime Minister Anthony Albanese on Monday announced a 2-billion-Australian-dollar (1.24 billion US dollars) plan to incentivise aluminium smelters to transition to renewable power.


The funding will be used for a scheme that will pay aluminium smelters for every ton of the metal produced using renewable electricity over a 10-year period to 2036, reports Xinhua news agency.


He said that investing in the local aluminium industry is a "massive opportunity" to create jobs and set Australia up for the future.


"We've got the resources, the workers, and the know-how -- the only thing we don't have is time to waste," Albanese said. "We are building Australia's future, not taking Australia backwards."


The new scheme was announced at the smelter of Tomago Aluminium, Australia's largest producer of the metal and the country's largest electricity consumer.


According to Tomago, the company accounts for 10 per cent of all electricity consumption in New South Wales, Australia's most populous state, and electricity consumption makes up about 40 per cent of its costs.


Tomago in 2021 announced it was aiming to transition to almost 100 per cent renewable energy by 2029, but chief executive Jerome Dozol said last November that the goal was not achievable.


The Australian Prime Minister has made renewable energy a key policy point ahead of the 2025 general election, which must be held by May.


His Labor Party government has set a goal of 82 per cent of Australia's electricity coming from renewable sources by 2030.

Latest News
Aero India 2025: IAF, Army chiefs take sortie in Tejas together Sun, Feb 09, 2025, 04:19 PM
Champions Trophy: Bosch named replacement for Nortje in South Africa's squad Sun, Feb 09, 2025, 04:11 PM
Namibia's founding President Sam Nujoma dies at 95 Sun, Feb 09, 2025, 04:06 PM
Tears of joy as five Thai hostages return home after a year in Hamas captivity Sun, Feb 09, 2025, 03:48 PM
ED, Economic intelligence bureau launch probe into CSR fund scam in Kerala Sun, Feb 09, 2025, 03:43 PM
WPL 2025: All-rounder Deepti Sharma to lead UP Warriorz Sun, Feb 09, 2025, 02:54 PM
Piyush Goyal slams states seeking Central funds on basis of tax contribution Sun, Feb 09, 2025, 01:55 PM
2nd ODI: Kohli returns, Varun handed ODI debut as England elect to bat against India Sun, Feb 09, 2025, 01:42 PM
Watchdog to expand English corporate disclosure info for foreign investors Sun, Feb 09, 2025, 01:15 PM
Market Outlook: Delhi polls' outcome, Q3 earnings, inflation data set to drive D-Street action Sun, Feb 09, 2025, 01:13 PM
3 killed, 10 injured as truck carrying pilgrims to Maha Kumbh collides with SUV in MP Sun, Feb 09, 2025, 01:08 PM
12 Maoists killed in encounter in Chhattisgarh's Bijapur Sun, Feb 09, 2025, 12:59 PM
UAE condemns Netanyahu's remarks on Palestinian state in Saudi Arabia Sun, Feb 09, 2025, 12:55 PM
KL Rahul left surprised by huge crowd at Barabati Stadium for India's practice session Sun, Feb 09, 2025, 12:53 PM
23 Indian startups raise over $138 million in funding this week Sun, Feb 09, 2025, 12:45 PM