Minister for Energy and Emissions Reduction Angus Taylor has released Australia’s first Low Emissions Technology Statement which aims to accelerate the development and commercialisation of low emission technologies.
The Statement outlines the priority technologies with the potential for transformational economic and emissions outcomes, including clean hydrogen, energy storage, low carbon materials, carbon capture and storage, and soil carbon measurement.
Minister Taylor said the Government expects to invest more than $18 billion in low emissions technologies over the decade to 2030, in order to drive at least $50 billion of new investment over the next ten years.
“The Government’s plan has three key focuses – lower emissions, lower costs and more jobs,” the Minister said.
“Getting the technologies of the future right will support 130,000 jobs by 2030, and avoid in the order of 250 million tonnes of emissions in Australia by 2040.
“If these technologies achieve widespread deployment globally, they will significantly reduce emissions from energy, transport, agriculture and heavy industry. These sectors account for 90 per cent of global emissions and emit 45 billion tonnes each year.
In addition to setting economic stretch goals for each outlined technology, the Statement also articulates a comprehensive investment framework to guide key government agencies (the CEFC, ARENA and CER) towards its set priorities.
ARENA CEO Darren Miller said the Statement outlines many emerging and enabling technologies which are currently supported by ARENA.
“There are a number of priority technology stretch goals and emerging and enabling technologies outlined in the Low Emissions Technology Statement where ARENA can hit the ground running and build on our considerable body of work and knowledge,” Mr Miller said.
“Over the years, as technologies have matured and reached commercial viability, ARENA has broadened its scope and shifted its focus from funding renewable energy generation — such as solar and wind which are now mature — to supporting the energy transition more broadly including hydrogen, energy storage, electric vehicles and enabling technologies.
“This is reflected in our current investment priorities which are well aligned with the Low Emissions Technology Statement.”
The first Statement was prepared with advice from a panel of industry leaders, investors and researchers chaired by Australia’s Chief Scientist Dr Alan Finkel, and draws on the insights gathered by extensive stakeholder consultation – including around 500 written responses, and workshops with more than 150 businesses, researchers, community organisations and associations.
Image credit: https://www.industry.gov.au/