Market Update | 13 September

• Net Zero Economy Authority becomes official
• Battery Breakthrough Initiative seeks consultation
• Guarantee of Origin Scheme referred to Senate

Net Zero Economy Authority Enshrined in Law.

On 9 September 2024, the Net Zero Economy Authority officially became law, marking a significant step in Australia’s commitment to a low-carbon future.

The Authority will focus on:

1. 1. Supporting workers in emissions-intensive sectors with new skills and job transitions.
   2. Coordinating clean energy policies across government to benefit regions and communities.
   3. Helping businesses and investors tap into opportunities in the net zero transformation.

Australia is now aligned with major global economies in planning for this transition and with five key industrial regions contributing a significant share of national emissions, the Authority will prioritise decarbonising these areas to maintain competitiveness in a global market.

$523 Million Battery Breakthrough Initiative Opens for Consultation.

The $523 million Battery Breakthrough Initiative, part of the 2024–25 Federal Budget, has opened for consultation to boost Australia’s battery manufacturing capabilities.

Feedback is being sought on market readiness and program design, with funding options including production-linked payments and capital grants. Submissions are open until 7 October 2024, and the program is expected to launch by late 2024 or early 2025.

Guarantee of Origin bill reaches senate.

The bill for Guarantee of Origin (GO), aimed at certifying renewable electricity and the carbon footprint of Australia’s emerging hydrogen industry, has been referred to a Senate inquiry. The proposed scheme will track and verify emissions across a product’s lifecycle and as part of the $22.7 billion Future Made in Australia package. Aligning with international standards, the GO framework will position Australia to compete in global markets where carbon pricing is increasingly implemented. The Senate is set to report on the bill by October 31, 2024.

At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.