Australian Fund Titans Back Albanese’s Green Plan, SMH Reports

(Bloomberg) -- Some of Australia’s super funds have for the first time backed Prime Minister Anthony Albanese’s plan to stimulate green manufacturing industries, saying it would unlock private capital to help cut emissions and reach climate targets, according to the Sydney Morning Herald.

The Albanese government hopes to pass the Future Made in Australia bill, designed to stimulate domestic manufacturing and high-tech industry in a similar fashion to the US’s Inflation Reduction Act, by the end of the year. The plan is part of the government’s aims to transition to clean energy.

David Whiteley, head of external relations for global infrastructure investment fund IFM Investors, said large investment in the transition would only happen if industry and government worked together to “achieve the right policy settings,” the newspaper cited him as saying.

Jeff Brunton, head of portfolio management at HESTA, said the bill would help Australia compete for its “fair share of global capital increasingly looking to invest in the transition,” according to the report.

The Greens, whose support is crucial for the bill to pass, are threatening to derail the policy over public funding for fossil fuels.

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