Chalmers sets $225b investment target to reach net-zero

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Federal Treasurer Jim Chalmers has pledged there will be more incentives to reach net zero in next year’s May Budget, building on the existing $40 billion plan.

But he insists it cannot outdo the United States with incentives, meaning it will be a multi-pronged intervention.

Chalmers today says he has released a new consultation paper on the government’s detailed sustainable finance strategy to improve the transparency and credibility of financial markets.

He says they are releasing six sector plans for decarbonising our economy across energy, industry, agriculture, transport, resources and the built environment “to chart an efficient and transformative path to net zero”.

He says the plan has also identified four initial priority areas.

Refining and processing of critical minerals will allow us to move up and along global supply chains.

Supporting the production of generation and storage technologies to ensure our supply of more than half of the world’s battery minerals finds its way into advanced manufacturing domestically.

Chalmers says we will transform other industrial processes by using cheap renewable energy produce renewable hydrogen and its derivatives such as ammonia at some of the most competitive prices in the world.

And he says they will help us unlock a future green metal, harnessing our abundance of iron ore and bauxite to become a leading producer of green iron, steel and alumina.

Chalmers also said that before Danielle Wood starts as new CEO on Monday, he would release a statement of expectations that would identify the priorities the pair had agreed to, including the gig economy and energy transformation.

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