The Albanese government will invest more than $22 billion in renewable energy projects over the next decade. The initiative aims to attract private investment and phase out coal power by 2038, while competing with the Opposition's nuclear proposal.

Canberra

The Albanese government has introduced legislation to invest over $22 billion in renewable energy projects over the next decade. This initiative aims to attract private investment in renewable energy and phase out coal-fired power by 2038.

The proposed investment aligns with the government’s broader "future made in Australia" agenda, which seeks to boost domestic production and job creation. The Prime Minister was present as the bill was introduced, highlighting its significance.

The Coalition has criticized the plan, advocating instead for nuclear reactors fully funded by public money. According to the Coalition, nuclear reactors would take at least a decade to become operational, with their overall cost still undetermined. Meanwhile, the Greens have expressed concerns about gas being used as a transitional energy source, arguing that it undermines the push for renewables.

The opposition is currently undecided on whether to support the legislation. As debates continue, Australians face rising costs and economic pressures, which some argue are not adequately addressed by the focus on long-term renewable investments.



Government unveils major renewable energy plan

There's a path to be picked. We have chosen a better path, Mr Speaker. And the Albanese government is trying to cement its charge to renewables with legislation. This bill is a major step in implementing the Albanese Labor government's future made in Australia agenda. The Prime Minister watched on as the bill was introduced. Hear, hear. It provides the rules and requirements as the government plans to spend more than $22 billion over the next decade to attract private investment in renewable projects. That investment needs to greatly increase to keep the lights on when coal-fired power stops, which could be by 2038. Public investment will show us the path to a future made in Australia, but private capital will pave the way. It contrasts the Coalition's proposal to fully fund nuclear reactors with public money. The total costs are still unknown and the first wouldn't be turned on for at least another decade, a fact the Treasurer couldn't help but point out. If they had their way, there'd be another wasted decade ahead. The opposition is still deciding whether it'll support the legislation. The Greens maintain their criticism of gas being used as a top-up in the transition. We can see right through the smoke screen. This is about coal and gas. This legislation certainly won't resonate with people, but the government hopes the slogan will, a future made in Australia, and that voters connect it with job creation and climate action. But as Labor looks ahead, the opposition wants the focus on the here and now. Australians aren't mugs. No, no, no, they are not. The bills are up, their costs are skyrocketing. Just one more interest rate rise will wipe out more than half of the 1st July tax cuts. Ashley Raper for 10 News First.

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Council of the City of Sydney

Sections of Australia facing widespread heavy rains

With his re-election campaign in crisis, U.S. President Joe Biden is hoping an interview with ABC News will convince Americans, and fellow Democrats, that he is indeed fit to run after a disastrous debate performance.

Washington

U.S. Presidential Election

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Hungarian Prime Minister Viktor Orban met Russian President Vladimir Putin in Moscow, amid criticism from the European Union. Putin declaring it was Kyiv, not the Kremlin that is still not willing to end the conflict.

Moscow

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London

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Keir Starmer officially appointed U.K.'s prime minister

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Beryl has made landfall on the Yucatan Peninsula as a Category 2 hurricane about 10 kilometers northeast of Mexico's Caribbean coast resort of Tulum with maximum sustained winds of 175 km/h.

Cancún

Hurricane Beryl

Hurricane Beryl makes landfall in Mexico near Cancun

Britain's next prime minister, Keir Starmer, promised change early on Friday (July 5), as the Conservatives' Rishi Sunak conceded defeat, with Starmer's center-left Labour Party on course to win a huge majority in the country's parliamentary elections.

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People in Mexico’s popular Yucatan Peninsula are bracing for Hurricane Beryl as it roars toward them after smashing through the Caribbean and killing at least 10 people. The system has strengthened to a Category 3 storm.

Yucatan

Hurricane Beryl regains strength as it approaches Mexico

The European Union has imposed extra duties of up to 37.6 percent on imports of electric vehicles (EVs) made in China, the bloc announced, despite Beijing's warnings the movie would unleash a trade war. The European Commission said that the tariffs were put in place due to "unfair" state subsidies and will kick off Friday.

Beijing

E.U. imposes tariffs on Chinese electric vehicles

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Lebanon's Hezbollah launched a big rocket and drone attack at Israel on Thursday (July 4) and threatened to hit new targets in retaliation for the killing of a top commander, in the latest surge of violence in the steadily worsening conflict across the border.

Acre

Tensions at Israel-Lebanon border

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Kingston

Hurricane Beryl: Jamaica hit by powerful storm

Despite mounting pressure to step down after a dismal debate performance, Joe Biden will ‘absolutely not’ abandon the U.S. presidential race, the White House has announced. Biden reportedly told staffers, ‘I am running…. No one’s pushing me out.’

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Watford

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Hurricane Beryl batters Jamaica as Category 4

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Hurricane Beryl churns toward Jamaica as Category 4

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For the first time, a Democratic member of Congress has called on Joe Biden to drop out of the race for president following his shaky debate performance last week. Biden’s team maintains the president is still fit for office.

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Bridgetown

Widespread destruction across Jamaica after Storm Beryl

Hungarian Prime Minister Viktor Orban urged Ukrainian President Volodymyr Zelenskiy to consider a ceasefire to accelerate an end to the war with Russia, and also said he wanted a big cooperation agreement with Kyiv.

Kyiv

Ukraine Invasion

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More than 100 people were killed in a stampede at a religious gathering in India's state of Uttar Pradesh over the weekend. Officials say the commotion from overcrowding and extreme afternoon heat contributed to the stampede.

Hathras

Deadly stampede at Indian religious event

Tens of thousands of Palestinians have desperately started fleeing the southern Gaza city of Khan Younis after Israel issued an evacuation order. Gaza's European Hospital was included in the evacuation, leaving many sick and wounded patients desperate for care.

Rafah

Israel-Gaza War

Palestinians flee Khan Younis as Israeli forces approach

More than 100 people have been killed and more than a dozen others injured in a stampede at a Hindu religious gathering in northern India, authorities say. It was not immediately clear what caused the panic and stampede as people rushed to leave a makeshift tent.

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Powerful Hurricane Beryl barreled towards Jamaica on Tuesday (June 2) as the 2024 Atlantic season's first hurricane and the earliest storm on record to reach the strongest possible ranking: Category 5.

Climate Crisis

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Israeli forces bombarded several areas of the southern Gaza Strip on Tuesday (July 2), and thousands of Palestinians fled their homes in what could be part of a final push of Israel's intensive military operations in nine months of war.