Australia's Green Bank Sets Record Investment in Clean Energy

Australia's green bank has set a benchmark by investing a record A$3.5 billion in clean energy projects and grid infrastructure last financial year. This move is a part of an ambitious effort to accelerate Australia's transition from coal-fired power to renewable energy sources.

Due to a heavy reliance on coal power, Australia remains one of the world's highest carbon emitters per capita. The nation is planning to shut down all coal stations by 2038, aiming for 82% renewable energy generation by 2030. However, experts warn that more financial commitment is essential to achieve net zero emissions by 2050 and meet the country's energy demands.

Australia's Clean Energy Finance Corporation, endowed with A$32.5 billion, hit a record level of investment, doubling the previous year's efforts. A notable commitment includes A$2.8 billion towards bolstering the national power grid, furthering Australia's pledge to a sustainable future.

(With inputs from agencies.)