New road map heralds bright future for Australian energy
A discussion paper setting clear goals for accelerating the development of new energy technology is set to be released today and could create jobs while reducing power prices.
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Emerging energy technology ranging from household batteries and heat-pump clothes dryers to energy-from-waste plants and electric cars will be prioritised in a Morrison Government investment road map.
A discussion paper, to be released today, details more than 140 energy technologies.
Energy Minister Angus Taylor said these could create jobs while reducing power prices.
The road map will set clear goals for accelerating the development of new energy technology, starting with producing hydrogen at less than $2/kg, which will make it competitive for large-scale deployment.
Australia’s Chief Scientist Alan Finkel has been appointed to lead a ministerial reference panel to guide the new investment, which will be a key part of the government’s decision-making on new long-term emissions reduction targets, due at the end of this year.
The paper talks up the role of gas in providing a stable energy supply while the market changes. It notes solar and wind generate the cheapest power, but highlights the need for further investment to cut the cost of battery storage.
Creating the same level of storage as the Snowy 2.0 pumped hydro scheme — the biggest energy storage project in the Southern Hemisphere — with batteries would require more than 1800 giant Tesla batteries, costing hundreds of billions of dollars. But if the cost of batteries can be sufficiently reduced, the paper said this could revitalise Australia’s manufacturing sector.
Energy-from-waste plants, proven overseas, were touted as an option to create power and reduce the need for landfill, while electric vehicles were also flagged as an opportunity, although the paper said the average 10-year turnover of cars would slow the transition.
Nuclear energy has “potential” but is limited by engineering, cost and environmental challenges, as well as the issue of “social acceptability”.
“The government is committed to reducing emissions without imposing new costs on households, while at the same time growing businesses and the economy,” Mr Taylor said.
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