Summary: The Morrison government has unveiled his plan to invest $1.9 billion towards emerging energy technologies to reduce emissions and create jobs.
Australia’s renewable energy agency will receive a $1.9 billion boost to support the next generation of technologies, including storage, carbon capture and the development of hydrogen.
The Government is also putting $95.4 million towards a Technology Co-Investment Fund to help agriculture, manufacturing, industrial, and transport businesses reduce their emissions.
The Government will expand the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC) focus to back new technologies that would reduce emissions in agriculture, industry, manufacturing, and transport.
Under current reforms, the ARENA will support renewable energy while the CEFC will invest in clean energy technologies.
The reforms will enable both agencies to encourage creating a hydrogen industry and reinvest in technologies like low carbon steel and aluminum production, soil carbon sequestration, and reducing emissions from industry.
“The success to date of the agencies meant a promising future for the low-emissions technology industry” said Angus Taylor, Minister for Energy and Emissions Reduction.
“The Government recognizes the strong growth in emerging energy technologies that will play a role in Australia’s energy mix into the future. We need to get the balance right, and our investment to re-energize ARENA will deliver that,” he said.
“ARENA has played an important role in this growth. As the cost of renewable technologies has fallen dramatically, the Government is investing in the future of the Australian Renewable Energy Agency (ARENA) to support the next generation of energy technologies.”
“The government will now direct its efforts on the next challenge: unlocking new technologies across the economy to help drive down costs, create jobs, improve reliability and reduce emissions,” Mr. Morrison said.
He said the investments would bring new technologies into play, create jobs, and cut emissions while driving down prices for homes and businesses.