Future Made in Australia Bill 2024

Policy Engagement Overview

InfluenceMap analysis indicates that the engagement on the inquiry was positive overall. A total of 16 companies and industry associations in InfluenceMap’s database submitted a response to the consultation. Of the respondents, 9 (56%) engaged positively and 5 (31%) engaged negatively. The other 2 respondents (13%) engaged with mixed or unclear positions on the policy.

Policy Engagement Trends

• Support for the bill was led by the resources and energy sectors, including Fortescue, the Smart Energy Council, the Clean Energy Council and Association of Mining and Exploration Companies (AMEC). Fortescue and the Smart Energy Council supported measures to prohibit funding being used for fossil fuels, nuclear and carbon capture and storage projects. The Smart Energy Council also supported the development of hydrogen produced using renewable energy. The Clean Energy Council and AMEC broadly supported the bill and its aim to transition towards zero-carbon technologies or infrastructure.

• Unclear positions came from BHP and the Business Council of Australia. They supported the bill, but it is unclear if these positions are aligned with IPCC advice on the energy transition and delivering emissions reduction in line with limiting warming to 1.5°C.

• Opposition to the bill was led by the fossil fuel sector, including Chevron, INPEX and their industry associations, the Australian Energy Producers and the Chamber of Minerals and Energy of Western Australia (CME). Chevron, INPEX and the Australian Energy Producers advocated for fossil gas to be eligible for support under the policy. Chevron and Australian Energy Producers opposed the proposal’s focus on renewable energy, and Australian Energy Producers also advocated for carbon capture and storage to be eligible. CME supported the establishment of the National Interest Framework's net zero transformation and economic security and resilience streams, however, also appeared to suggest that the long-term role for fossil gas in the energy mix is desirable, while only placing vague conditions on the deployment of CCS or methane abatement measures.

Impacts on Policy Ambition

The bills passed both houses in November 2024. The final version states that support must not be provided for fossil fuels without further details on whether the bill supports nuclear energy or carbon capture and storage.