Australia is making a major bet on biofuels as part of its net-zero ambitions. On Wednesday, the government announced it will invest A$1.1 billion (US$735 million) over the next decade to develop a domestic low-carbon fuels industry, a move widely welcomed by the country’s powerful agricultural sector. The funding package, which will be spread over 10 years, is designed to unlock private sector investment in next-generation fuels such as biodiesel and sustainable aviation fuel (SAF). The government argues that Australia’s combination…