Albanese hands $3b to decarbonise remote WA
The federal government will pour billions of dollars into Western Australia’s north-west energy grid to spur a private sector transition to renewable power in the state’s mining heartland.
Prime Minister Anthony Albanese on Tuesday announced $3 billion in concessional loans and equity investment from the Clean Energy Finance Corporation would be allocated to projects that expand and modernise WA’s energy grid.
Prime Minister Anthony Albanese with Rio Tinto representatives in the WA Pilbara. AAP
The majority of the money will be spent on projects in the Pilbara, which Energy Minister Chris Bowen said had Australia’s hardest grid to decarbonise. Renewables currently account for just two per cent of the region’s energy.
Mr Bowen said the taxpayer funded investment into the north-west grid, much of which is owned by the private sector, was required to encourage companies to move towards renewable energy in the heavily industrialised region.
“If we leave it all to the private sector, it won’t happen, if we leave it all with the state government, it won’t happen and if it was just us it wouldn’t happen – it needs all three of us working together,” he said.
“The point about this $3 billion investment is that it’s going to unlock expenditure much bigger than that.”
Mr Albanese was joined by federal cabinet in Perth on his 15th trip to WA since the May 2022 election, and lauded the state for its economic contribution and geopolitical importance given its close relationship with China and other Asian economies.
“My team and I have always understood that WA is so much more than Perth. This is a huge state – and it makes a huge contribution,” he said.
“You are a powerful proof point that a fair and open trading relationship with
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