Australia begs for foreign investment to fund Aussie Net Zero – Is it beneficial?

Guest essay by Eric Worrall

All those who once beat Australia to the top of COP26 for not realizing our renewable energy “superpower” potential, are now being asked to put up some money of their own.

Australia calls for foreign investment to finance clean energy goals

Via Eryk trailer
November 15, 2021 – 5 am

Singapore: Finance Minister Simon Birmingham will beg foreign investors to return to Australia as Chinese investment evaporates and the Morrison government relies on the private sector to fund its net zero scheme.

An invitation to foreign investors at a major Asian investment conference in Singapore on Monday will aim to transform Australia from a climate laggard to a climate leader.

The government’s technology investment roadmap is expected to amount to $20 billion over the next 10 years, but the government is aiming for $60 billion in investment from the private sector – much of it from foreign.

“Domestic investment in Australia is crucial if we are to realize potential business growth in these sectors,” Birmingham will tell. Milken Institute on Monday.

Australia is the world’s 13th largest economy but ranks 53rd in terms of population, making it dependent on foreign capital to fuel its economy and to invest in expensive clean energy technologies such as hydrogen. The Milken Institute Asia Summit was also attended by former US treasury secretaries Steven Mnuchin and Lawrence Summers, along with representatives of the world’s two largest hedge fund managers, BlackRock and Blackstone.

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Read more: https://www.smh.com.au/world/asia/australia-calls-for-foreign-investment-to-fund-its-clean-energy-target-20211114-p598sv.html

The sad part is that most Australian politicians actually believe the hype of Australia’s hydrogen economy and imaginary renewable energy potential.

I would love to present this story as a political joke, a successful geopolitical scoring move against Europe’s climate hypocritical leaders.

But the real joke is in Australia, and Australian politicians, who almost truly believe that if they put $20 billion in Australian taxes, private capital will flock in and help Australia create a lucrative new green hydrogen export industry.