The Australian government has granted approval for the development of a colossal solar and battery storage project, which is set to become the largest of its kind globally.

The SunCable project, backed by tech billionaire and green activist Mike Cannon-Brookes, will span a staggering 12,000 hectares in Australia’s remote northern region.

The $24 billion endeavor aims to generate a staggering 4 gigawatts of energy per hour for domestic use, with an additional 2 gigawatts slated for export to neighboring Singapore via an undersea cable.

The project will also feature a mammoth battery storage system capable of holding up to 40 gigawatts of power, further bolstering Australia’s renewable energy capabilities.

“It will be the largest solar precinct in the world –- and heralds Australia as the world leader in green energy,” proclaimed Australian Environment Minister Tanya Plibersek, hailing the approval as a landmark moment.

Despite this initial green light, the project still faces numerous regulatory hurdles, including securing approvals from Singapore’s energy market authority, Indonesia’s government, and local Indigenous communities.

The SunCable development comes at a critical juncture for Australia, which has grappled with the devastating impacts of climate change while also being one of the world’s leading exporters of fossil fuels like coal and gas.

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This project represents a significant step towards the country’s goal of achieving net-zero emissions by 2050, as it aims to accelerate the transition to renewable energy sources.

Experts have emphasized that this ambitious solar and battery hub is just the beginning, and that Australia needs to significantly ramp up its investments in solar, wind, and storage capabilities to meet its long-term climate targets.