Australian government vows to invest millions in biofuels industry

The Australian government said it is aiming to invest $735 million (€624 million) in the development of a low-carbon fuels industry.
The announcement was welcomed by farm groups, who hope it will boost demand for biofuel feedstocks like canola and sugarcane, Reuters reported.
The money, to be released over 10 years from 2028, is intended to stimulate private investment in products like biodiesel and sustainable aviation fuel, the government said.
Australia is a major producer of crops such as canola, sugarcane, sorghum and tallow that can be used to make fuel.
It currently exports the vast majority of those goods and imports most of its gasoline. Australian canola is a major feedstock for Europe's biodiesel industry.
"Thanks to our advanced farming practices and access to cheap and reliable renewable energy, Australia is in an enviable position to produce cleaner, low-carbon liquid fuels that jets, ships, construction machines and heavy trucks need to reach net-zero," the government said in a statement.