Prime Minister Scott Morrison turns to technology to reduce carbon emissions
Scott Morrison has announced that this year’s federal budget will contain half a billion dollars in funding aimed at reducing carbon emissions.
NSW
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Half a billion dollars will be invested in regional areas like the Hunter Valley to develop hydrogen hubs and carbon capture facilities as the Morrison Government turns to technology to reduce emissions.
Ahead of a highly anticipated virtual climate change summit with US President Joe Biden, Prime Minister Scott Morrison will announce the 2021-22 federal budget will include $275 million on the table for four extra hydrogen hubs, and a further $263 million for carbon capture and storage projects in regional Australia.
Companies would be required to competitively tender for the funding to build one of four planned hydrogen hubs, which are expected to create about 1000 jobs.
The government wants Australia to become a major global hydrogen supplier by 2030, with forecasts suggesting a domestic industry could generate about 8000 jobs and $11 billion a year in GDP by 2050.
The investment in carbon capture and storage facilities is expected to create about 1500 jobs in regional areas and significantly boost the country’s capacity to reduce emissions.
An existing facility in Western Australia has already stored more than four million tonnes of emissions since 2019.
Mr Morrison said it was “essential” the government position Australia to succeed by investing in new technologies that will support industry as well as lower future emissions.
“We cannot pretend the world is not changing,” he said. “If we do, we run the risk of stranding jobs in this country, especially in regional areas.”
Mr Morrison said Australia would continue to “meet and beat” its emissions reduction commitments by commercialising technologies like hydrogen. “We want to make clean energy more affordable and reliable, while looking for ways our investments can get more people into work,” he said.
The federal government is already fielding interest from major trading partners, including Japan, South Korea and Singapore about Australia’s potential to export low cost, clean energy and permanently store emissions underground.
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