The push for government funding of renewable energy to power big industry is gaining momentum, with a recent survey revealing that seven out of ten Australians support this initiative. This public backing is a significant development, as it challenges the notion that the energy sector should be privatized. The survey, commissioned by Renew Australia for All, highlights a growing consensus that the government should play a larger role in building and running energy infrastructure, especially in the context of the energy transition and the vulnerabilities exposed by the Middle East conflict. This shift in public opinion is a crucial turning point, as it underscores the need for a more sustainable and secure energy future. The proposal for a Commonwealth-owned agency, dubbed 'Sovereign Power', is a compelling solution to the current energy challenges faced by heavy industry. The Electrical Trades Union and McKell Institute's pitch frames this agency as a more effective alternative to the haphazard bailouts granted to struggling companies. By providing low-cost power through renewable energy projects, the agency would support the growth of green industries, including green steel, aluminum, and critical minerals, as outlined in the Future Made in Australia plan. The key to this proposal's success lies in the government's ability to leverage its low borrowing costs. By redirecting unused funds from the National Reconstruction Fund, the government can provide an initial equity injection, making renewable energy projects more affordable and accessible. This approach not only addresses the immediate energy needs of heavy industry but also contributes to the long-term sustainability of the energy sector. The public clean energy entity concept is a promising step towards a more resilient and environmentally conscious economy. It addresses the current policy interventions' shortcomings by targeting energy choke-points more effectively. The survey's findings are particularly interesting, as they suggest that the public's support for government-backed green manufacturing is 'quite high'. However, it also highlights the public's appreciation for community benefits from major infrastructure projects. This dual focus on both environmental and social aspects of energy transition is essential for gaining widespread public support. In conclusion, the survey results indicate a strong public backing for government funding of renewable energy to power big industry. This shift in public opinion is a significant development, as it challenges the privatization of the energy sector and underscores the need for a more sustainable and secure energy future. The proposal for a Commonwealth-owned agency, 'Sovereign Power', offers a compelling solution to the current energy challenges faced by heavy industry. By leveraging the government's low borrowing costs and redirecting unused funds, this initiative can provide low-cost power to manufacturers, fostering the growth of green industries. The public's support for this approach is a positive sign, indicating a growing consensus for a more sustainable and secure energy future.
