Australia to create $653 million fund to expand solar panel manufacturing

Australia will set up an A$1 billion ($653 million) fund to help expand solar panel manufacturing at home, Prime Minister Anthony Albanese said on Thursday, as it looks to ramp up its transition to renewable energy from coal power. Albanese's centre-left Labor government has been boosting spending to underwrite new wind, solar and battery projects with more than A$40 billion of investment committed since coming to power in 2022. The government is targeting 82% renewable power by 2030 in the energy grid from around 40% now.