We want Australia to be a country that makes more things here. It's that simple. It's not out of some rose-tinted nostalgia for the old days of Australian manufacturing. In reclaiming the idea of a country that makes things, there is the potential to reshape what we as a nation can achieve together, to reignite pride in our capacity to create and to reposition ourselves in the global marketplace. When we make things here in Australia, we reinvigorate our faith and confidence in Australian ideas and know-how. And that's why the Albanese Labor government will invest in our Future Made in Australia plan to bring new jobs and opportunities to communities in every part of our country. This is a plan that will bring so much opportunity, not just across the nation but to my regional electorate of Corangamite in Victoria. It will mean more jobs, more investment and more support for my amazing manufacturers, who are embracing new technologies and developing new innovative product solutions.
It is incumbent on all of us in this place to provide support to our smart, innovative manufacturers so they can flourish, develop commercially viable products for both the domestic and export markets and in turn become world leaders who we can all be proud of—like locally based Carbon Revolution. They have built a 600-strong workforce making cutting-edge carbon-fibre wheels for Ferrari and the aeronautical sector. Not long ago, Carbon Revolution was a startup in my electorate. Now, several years later, they are exporting innovative, high-demand products to the global marketplace.
We need to replicate this success, and that's why I stand to support these bills, the Future Made in Australia Bill 2024 and the Future Made in Australia Bill (Omnibus Amendments No. 1) Bill 2024, which will make this plan a reality. These bills are built on three key components. Firstly, the National Interest Framework will ensure funding is delivered to projects that drive our nation, so we can become a renewable superpower while strengthening our local manufacturing industries. Secondly, sector assessments will identify which industries are best positioned to achieve these goals. And thirdly, community benefit principles will ensure our workers, our communities and our regions thrive as result of government investment.
These bills will be the catalyst to harnessing our natural advantages, be they wind, solar, hydrogen or our abundance of critical minerals. To drive these outcomes, the Future Made in Australia bills will combine these advantages in renewable energy with traditional strengths in resources and manufacturing to build new opportunities, including in critical minerals processing, green metal, clean energy technologies and low-carbon liquid fuels. Through this bill and our recent $24 billion budget investment, we're demonstrating our firm resolve to play a driving role in Australia's economic success and to move towards reaching our emissions reduction targets of 43 per cent by 2030 and net zero by 2050.
The National Interest Framework will support government consideration of significant public investment that will in turn unlock private investment. It will also identify which sectors will make a significant contribution to emissions reduction at an efficient cost. To be aligned with the framework, a sector must fit within one of two key streams. Firstly, there's the net zero transformation stream, where industries have a sustained comparative advantage in a net zero global economy. Secondly, there's the economic resilience and security stream, where domestic capability is necessary for our national security and economic stability. These streams will come with their own guardrails to guide where and how investments are made. This will ensure every dollar invested is contributing to our long-term goals of sustainability, economic security and resilience.
For example, the bills make clear that ARENA, the Australian Renewable Energy Agency, can only provide financial assistance that aligns with its core mission to increase the competitiveness and supply of renewable energy in Australia. This focus guarantees that public funds are used to accelerate our transition to a greener future. Let me be clear: these bills will not enable investment in coal and gas projects. I should also make clear for the benefit of those opposite that the Australian government has always played a bipartisan role in facilitating private investment, especially when it generates new workforces, greater productivity and innovative products for export.
That's just a fact. That's what Australians expects of their government—to show leadership, to invest in our natural advantages, to build capacity to manufacture for the global marketplace and to build know-how and rewarding jobs. I make this point about the Albanese government's approach to manufacturing because this approach stands in stark contrast to that of the former coalition government. It was, of course, the former coalition government that booted the car industry from our shores. It was their mismanagement that left thousands of hardworking Australians unemployed and entire regions forced to navigate their own way through a challenging transition. Across my electorate of Corangamite and throughout the region, one steeped in manufacturing history, this decision hit hard. Ford was synonymous with Geelong. Generations of local families built the vehicles that powered our nation. We hosted International Harvester, producing machinery that kept our farms and industries thriving. Our wool mills were once the lifeblood of the textile industry and our die casters and shipwrights contributed to the backbone of our national infrastructure.
From paper mills to countless support industries, my region has always been a hub of production and innovation. And, despite the challenges, we have taken our rich industrial heritage and turned it into the foundation for a renaissance in manufacturing and innovation. We know have companies like Austeng, FLAIM Systems and Formflow that are leading the charge in advanced manufacturing, renewable energy and cutting-edge research and development. I'm proud of my region's story. It is one of resilience and renewal. We have proven that, despite the coalition government's inaction, my community has the strength, ingenuity and determination to thrive once again.
A Future Made in Australia will back in this renaissance, playing its role in supporting manufacturers and building our regional renaissance. Just last week, I was joined by the Minister for Industry and Science. I would like to take this time to thank the minister for his role in making this plan possible. We visited Waurn Ponds to announce $1.7 million in funding for Li-S Energy to develop next-generation battery technologies. Li-S is based out of ManuFutures at Deakin University, a manufacturing hub focused on supporting the innovative start-ups that will be the future of my region. Since its establishment in 2018, ManuFutures has helped to create more than $1 billion in company value, incubated more than 17 advanced manufacturing start-ups, helped companies establish export markets in more than 35 countries, hosted 500 student placements and created more than 120 advanced manufacturing jobs. My region is also home to the Geelong Manufacturing Council. This peak body is excited about the Future Made in Australia initiative. They're keen for their manufacturers to leverage from this opportunity.
It's all about driving our economy forward. We're talking about green hydrogen and green steel and the opportunities they present to create more local jobs for more Australians. These aren't just buzzwords; they represent the future of industries where Australia can lead the world. Green hydrogen will power our factories and vehicles without polluting our skies, and green steel will be forged in our plants, meeting global demand while reducing our carbon footprint. These sectors will be at the forefront of a new sustainable economy that benefits all Australians as we transition to a net zero emissions future.
We recognise the immense opportunities that come with the global commitment to net zero and we know that to capitalise on these opportunities at the pace required government must take the lead. We cannot afford to wait. The time to act is now. We're already rolling out the $10 billion National Reconstruction Fund, the Net Zero Economy Authority and the $2 billion subsidy for hydrogen fuel announced last year. The Future Made in Australia plan will complement these measures, creating a bold, forward-looking economy that ensures the jobs and industries of tomorrow are made right here in Australia, by Australians for Australians.
We know that those industries of tomorrow will need to play a key role in our transition to renewables. Our Reliable Renewables plan, through the Capacity Investment Scheme, is unlocking 32 gigawatts of reliable renewables between now and 2030. We're transforming Australia's energy system to a reliable 82 per cent renewable grid, backed by storage gas and transmission. We've given the safeguard mechanism teeth, requiring net emission reduction from our 215 biggest emitters of five per cent a year, the equivalent of taking two-thirds of the cars off our roads by 2030.
We've released the National Electric Vehicle Strategy and have passed new-vehicle efficiency standards to give Australians more choice to drive cleaner, cheaper-to-run cars. We're rolling out $1.7 billion to the energy savings program, providing real financial support to households, businesses and local governments to invest in renewable energy and energy efficiency to cut their bills and their emissions. And we're rolling out our $20 billion Rewiring the Nation fund to upgrade our electricity grid at lowest cost.
We've legislated to bring the Climate Change Authority back to play a meaningful role in providing independent, science based climate change advice and have properly resourced it to play this vital role. We've put net zero in the objects or foundation principle of the CEFC and ARENA acts to ensure that they keep this goal front of mind when making all decisions. We're implementing a plan for better community engagement on transmission, including what more we can and should do to improve social licence.
We've agreed with all states and territories to finally put emissions reduction into the national energy objectives so our energy regulators have emissions reduction and to put the provision of affordable and reliable energy as their overarching goals. We've passed the electric vehicle discount to make EVs more affordable, and electric car sales have increased from around two per cent when we came to office to nine per cent today. We've funded and commenced the rollout of the Driving the Nation charging program, which will see fast chargers once every 150 kilometres, on average, on our highways.
We're improving the carbon credit market to ensure that it's delivering real emission reductions. We're developing the Guarantee of Origin scheme so that Australian renewable energy and other clean energy source providers are able to vouch for the credentials of their product when promoting it at home and abroad. And we're developing detailed sector plans to inform an ambitious but achievable 2035 emissions reduction target.
This is all important work, and it goes hand in hand with what these bills will deliver for our manufacturing industries across the nation. Most importantly, it will bring us closer to achieving a more prosperous, sustainable future—a future made in Australia.
