Achieving Australia’s net zero and energy transition goals is now among the top priorities for future projects in Northern Australia Infrastructure Facility (NAIF) investment mandate, according to the Federal Government.
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The move, according to the Government, is designed to align national priorities to projects delivering economic, social and community outcomes for northern communities.
Under the new mandate that was tabled in Parliament earlier this week, the NAIF must be satisfied when making investment decisions that align with one or more of Australian Government policy priorities.
These priorities include economic development in the north, alleviating social or economic disadvantage in Northern Australian communities, achieving Australia’s net zero and energy transition goals, and improving First Nations outcomes and contributing to Closing the Gap.
“Amendments to the investment mandate strengthen the expectation the NAIF will consult and collaborate with other Australian Government entities, including to support the Net Zero Economy Agency’s role in the transition to net zero emissions,” said Federal Minister for Finance, Katy Gallagher. “These changes empower NAIF to continue to leverage and align with national priorities and programs to crowd in investment in the north.”
The changes to the NAIF’s investment mandate will also formally align with the objectives of the Critical Minerals Strategy 2023-2030, following a $500 million commitment from the Government under the NAIF for critical minerals projects.
According to the Government, the growth of the critical minerals sector will contribute to broader national and economic security, emissions reduction, green trade, investment, and industry growth.
News of the Government’s new investment mandate for the Northern Australia Infrastructure Facility comes after the recent review of the Infrastructure Investment Program brought about a redefining of “nationally significant” projects that receive Federal funding.
The Government’s commitment to hitting net zero is set to be further underscored by the introduction of new ADR rules 03/04 in the coming 12 months.
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