The government has initiated a $1 billion investment in the construction of solar panels.

Australia has embarked on its initial strides toward reindustrialization as it shifts towards achieving a net-zero economy. Despite being among the top per capita consumers of solar energy globally, Australia only contributes one percent to the world’s solar panel production, with China accounting for 90 percent of manufacturing and exports.

However, on Thursday, Prime Minister Anthony Albanese unveiled a $1 billion initiative aimed at bolstering solar panel manufacturing within Australia. This commitment has garnered praise from environmental groups and industry bodies alike. According to John Grimes, CEO of the Smart Energy Council, this move could set the stage for further reindustrialization across other sectors crucial for a clean energy transition, such as battery manufacturing.