The Australian Renewable Energy Agency (ARENA) is providing $2 million to ClimateWorks Australia to assist in the next phase of the Australian Industry Energy Transitions Initiative (ETI).
The ETI brings together some of Australia’s biggest companies from hard-to-abate sectors to explore solutions that can help them reduce their emissions across their supply chains, and increase long term competitiveness through transitioning to clean energy solutions.
It currently lists 16 participating companies – including Rio Tinto, BHP, Woodside, BlueScope Steel, BP Australia, Fortescue Metals Group and Orica – which together account for approximately 21% of Australian industrial emissions and represent approximately 24% of the ASX market value.
Minister for Energy and Emissions Reduction Angus Taylor said the program is also focused on supporting uptake of the next generation of energy technologies, including green steel, hydrogen and carbon capture, use and storage (CCUS).
“These sectors are key pillars of our economy both as employers of thousands of Australians and significant export earners,” Minister Taylor said.
“Investing in the development and deployment of low emissions technologies today will ensure these important sectors can reduce their carbon footprint while supporting Australia’s economic growth well into the future.”
ARENA CEO Darren Miller said the initiative will include rigorous technological and economic analysis of opportunities in each supply chain, and an analysis of systems capable of providing low-cost, reliable, net zero emissions energy.
“ARENA is proud to be supporting this initiative which will build momentum, and give industry confidence they will benefit from a low carbon Australian economy,” Mr Miller added.
“It is exciting to see more industry partners signing on to the initiative so we can all collaborate, harness industry knowledge and identify pathways to net zero.”