Component 1: Establish Green Metals Australia

Invest an initial $700 million in funding in 2022-23, followed by additional funding of $350 million per year from 2023-24 in Green Metals Australia, a new agency which would be responsible for developing a zero carbon Australian metal sector. This investment would be in the form of loans, equity, grants or direct investment.

Component 2: Establish Green Hydrogen Australia

Invest an initial $900 million in funding in 2022-23, followed by additional funding of $450 million per year from 2023-24 in Green Hydrogen Australia, a new agency which would be responsible for developing a zero carbon Australian green hydrogen sector. This investment would be in the form of loans, equity, grants or direct investment.

The breakdown of grants, loans and equity for Components 1 and 2 would be 20%, 40% and 40% respectively.

Component 3: Reinstate the Clean Technology Program

Provide funding to reinstate the Clean Technology Program, including:

• Clean Technology Investment Program: Allocate $1.6 billion between 2022-23 and 2028-29 to assist manufacturers to invest in electrification and substitution of feedstocks.
• Green Aluminium Australia: Allocate $21.4 million per year to Green Aluminium Australia to modernise and secure its emissions free future.
• Research and Development for Cement: Allocate $28.6 million per year for research and development into cement to reduce emissions in production and electrification processes.
• Clean Technology Food and Foundries Investment Program: Allocate $28.6 million per year to help manufacturers in the food and foundries industries to invest in energy efficient capital equipment, shift off gas and emissions intensive fertilisers.
• Clean Technology Innovation Program: Allocate $57.1 million per year to support research that would reduce greenhouse gas emissions.

Component 4: Green Procurement Strategy

Fund the development of a national Green Procurement Strategy in the 2022-23 financial year.

Component 5: Electrification Strategy

Fund the development of a national Electrification Strategy in the 2022-23 financial year.

Component 6: Establish a Green Steel Innovation fund

Allocate $100 million per year to provide grants targeted at steel producing regions to transition to green steel production.

Component 7: Retrofit infrastructure at the Gladstone liquified natural gas (LNG) terminal

Allocate funding of $2.2 billion from 2025-26 over three years to retrofit infrastructure at the Gladstone LNG terminal to enable hydrogen production and ammonia exports.

The funding for all components would be allocated evenly over the specified time periods.

Departmental expenses would be additional to the specified funding amounts for Components 1, 2, 3, and 7.

Departmental expenses would be included in the specified funding amount for Component 6.

The proposal has a start date of 1 July 2022.