The Australian Government has announced a $50 million investment to support the development of secure and diverse clean energy supply chains in the Indo-Pacific region.
According to the Federal Government, the investment will support an initial round of research to expedite the development of investment-ready projects in the region, which might include solar ingots, wafer production, or battery cell component manufacturing.
Secure and diverse clean energy supply chains are critical to the Indo-Pacific region’s common energy security, emissions reduction goals, and transition to a net zero future, the Government noted.
The investment comes after the Quad Clean Energy Supply Chain Diversification Program was announced during the Quad Leaders’ Summit in May 2023.
The Program will help the Indo-Pacific region implement the Quad Principles on Clean Energy Supply Chains by funding research and development and feasibility studies focused on developing and expanding key clean energy supply chains associated with solar photovoltaic (PV) systems, hydrogen electrolysers, and batteries.
Minister for Climate Change and Energy Chris Bowen said the global climate emergency provides economic opportunity to capitalise on a growing worldwide demand for clean energy.
“Australia is proud to be providing $50 million to support Indo-Pacific nations to play a major role in meeting global demand across the clean energy supply chain,” Minister Bowen stated.
“Diversifying and expanding supply chains is important to achieve Australia’s and our partners’ net zero targets,” the Minister added.
The Program will be created in close collaboration with Indo-Pacific nations to ensure that it complements local efforts and produces tangible results.
