News

A new report from fDi Intelligence has ranked Australia the third most popular destination for foreign direct investment (FDI) into renewables in 2022. The report ranks Australia third in the world for attracting investment in green hydrogen. It says the country’s growing number of large-scale green hydrogen projects is a major reason for its top 3 ranking. The report also ranks Australia in the global top 10 for attracting FDI in wind, solar and batteries.

Australia has taken an important step towards a green methanol-powered shipping industry. The Port of Melbourne signed a Memorandum of Understanding with shipping lines Maersk and ANL and renewable energy companies to explore the feasibility of a refueling hub. "Decarbonisation of the maritime industry is really gaining pace. As Australia’s largest container port... it makes sense that we look at ways to work together with customers, service providers and producers to understand the needs of the market," Port of Melbourne CEO Saul Cannon said. The collaboration will explore the feasibility of transporting green methanol from production sites in Tasmania and Victoria to the port for storage and bunkering. Maersk has already ordered container vessels that will operate on green methanol.

Australia's largest wind farm, Golden Plains, will soon be constructed in the southern state of Victoria. The project represents an A$2 billion investment in Australia. Once completed, the 1,300 MW 215-turbine wind farm will generate enough clean energy to power over 765,000 homes and prevent more than 4.5 million tonnes of carbon dioxide from being emitted into the atmosphere each year. The wind farm will also feature a 300 MW battery storage facility. TagEnergy has signed all the necessary agreements for the 122-turbine first stage to begin. The first stage of the project is expected to start producing green energy in 2024 and be completed in 2025.

The Singapore FinTech Association (SFA) and Austrade have signed a memorandum of understanding (MoU) to boost fintech trade and investment flows as well as business-to-business engagement between the two nations. The signing of the MoU initiates Project Lorikeet, a new program that supports Singaporean fintechs’ expansion into Australia, and Australian fintechs that want to explore opportunities in Singapore. The MoU was signed by Shadab Taiyabi, President at SFA, and Stephen Skulley, Senior Trade and Investment Commissioner at Austrade Singapore.

Australia has potential to become a global leader in green hydrogen, according to an annual review of Australia’s clean hydrogen industry. The 2022 State of Hydrogen report highlights that with its abundance of natural resources, technical skills, and strong track record with international partners, Australia is well-positioned to seize the opportunities presented by the growing global hydrogen industry. In 2022, more than 100 Australian green hydrogen projects were announced, reflecting the country's increasing focus on developing a hydrogen economy. Minister for Climate Change and Energy Chris Bowen says, "By 2050, Australia's hydrogen industry could generate $50 billion in additional GDP and create more than 16,000 jobs in regional Australia."

The Australian Government is investing in the country’s quantum industry capabilities. A total of A$4.6m in grants will be awarded to boost study and research in the sector. The grants aim to nurture the next generation of quantum technology specialists, building on Australia's position at the forefront of quantum research and development. “Australia is at the forefront of research and development in quantum technology, contributing to breakthroughs for more than two decades,” Minister for Industry and Science Ed Husic says. With 22 quantum-related institutions and eight universities performing above the international standard in quantum physics research, the funding will help attract and train the talent needed to deliver the 16,000 projected quantum-related jobs by 2040.

The Australian Renewable Energy Agency (ARENA) has announced A$25 million in funding for research and development to advance Australia’s renewable hydrogen industry. The funding will be available for projects focused on improving production and exploring storage and distribution solutions. With the global push for a net-zero economy, hydrogen is emerging as a promising alternative fuel source that can significantly reduce emissions. The funding will help Australia build on its legacy of technological innovation, supporting local research sectors and building a clean and sustainable industry of the future. As global markets increasingly demand low-carbon products, Australia's investment in renewable hydrogen will be vital in driving the country towards a net-zero economy.

Brazilian agribusiness giant Minerva Foods has made its second investment in Australia. Minerva Foods Australia has acquired Victorian meat processor Australian Lamb Company for A$400 million. The deal includes a meat processing facility and a boning room and sales and marketing hub. The investment is expected to generate 150 jobs and open up export opportunities, particularly in India and Saudi Arabia. In 2021, Minerva Foods invested A$48 million in 2 meat processing facilities in Western Australia.

Spanish construction giant FCC Group has been selected to deliver key parts of the A$10 billion Melbourne Airport Rail project. The rail link will connect Melbourne Airport to Victoria’s regional and metropolitan train network. FCC’s Australian subsidiary, in consortia with Winslow Infrastructure and McConnell Dowell, will build a 550-metre twin track rail bridge over the Maribyrnong River, among other work. FCC will invest A$245 million (€150 million) to develop the infrastructure, generating 282 jobs. The Australian and Victorian governments have committed A$5 billion each to deliver Melbourne Airport Rail. Work on the rail link has started and is due to finish in 2029.

Amazon Web Services (AWS) has opened a second cloud Infrastructure Region in Australia. This new data centre cluster, known as the AWS Asia Pacific (Melbourne) Region, will see AWS invest A$2.2 billion in Melbourne, Victoria by 2027. This follows the opening of the AWS Asia Pacific (Sydney) Region in 2012. AWS says it plans to invest A$13.2 billion into both Infrastructure Regions from 2023 to 2027. The planned investment in both AWS Regions will contribute an estimated A$35 billion to Australia’s total GDP by 2027 and support around 11,000 FTE jobs.

Australia and Germany have teamed up to explore new opportunities in the critical minerals sector, as part of their efforts to meet their respective climate and energy goals. The partnership will allow Australia to leverage its vast reserves of critical minerals which are vital for renewable energy technologies and electric vehicles. The collaboration will help Australia grow value-added industries around critical minerals, including extraction, refinement, and recycling processes. Meanwhile, Germany will acquire knowledge about secure and reliable critical minerals supply for manufacturing and recycling. According to Minister for Resources and Northern Australia Madeleine King, “Deals like this are vital if the world is to reduce emissions.”

Norwegian energy company Equinor is poised to invest in an Australian renewables project planned off the coast of Tasmania. Australia's Foreign Investment Review Board (FIRB) granted Equinor initial approval to invest in the Bass Offshore Wind Energy (BOWE) project, a collaboration with Australian energy company Nexsphere. The project initially aims to install up to 70 wind turbines off the coast of Tasmania linking them to George Town in the state’s north. In addition to this deal, Equinor has plans to invest in other Australian wind energy projects. Last year, the company bought into three proposed offshore wind farms in New South Wales and it has a long list of future projects proposed across Australia.