Energy Minister Angus Taylor unveils low emission technology statement
The federal government plans to unleash a $50bn investment blitz on new low emission technology, with cutting carbon pollution from farms and steel and aluminium production a key focus.
Victoria
Don't miss out on the headlines from Victoria. Followed categories will be added to My News.
Slashing emissions from farming and steel and aluminium production will be prioritised in a federal government plan to invest $18bn in new energy technologies over the next decade.
Energy Minister Angus Taylor will on Tuesday unveil the government’s first low emissions technology statement, the centrepiece of its long-term effort to cut carbon emissions.
The government hopes to leverage extra investment from the private sector and other levels of government to drive a total spend of $50bn, supporting as many as 130,000 jobs.
After assessing more than 140 technologies, five have been chosen as investment priorities, including hydrogen, carbon capture and storage, and energy storage.
The government will also focus on technology to make it cheaper for farmers to reduce emissions, as well as ways to cut emissions from the production of steel and aluminium.
Targets have been set for each technology to become commercially viable.
Agriculture is responsible for 12.9 per cent of Australia’s emissions, while stationary energy — covering industries such as mining and manufacturing — makes up 19.4 per cent.
“In emissions reduction, it is the race for cost-effective low and negative emissions technologies that will strengthen our economy not weaken it,” Mr Taylor said.
“You either suppress emissions intensive economic activities — usually through some version of taxation — or you improve them. There is no third way. Australia can’t and shouldn’t damage its economy to reduce emissions.”
Lower priority technologies which are “horses in the race”, according to Mr Taylor, include energy efficiency developments and electric vehicle charging infrastructure.
The statement is the cornerstone of the government’s emissions reduction strategy, which it will take to the Glasgow global climate summit at the end of next year.
On Sunday, Scott Morrison declined to commit to a net-zero emissions target by 2050, but said it was “absolutely achievable”.
“I’m interesting in doing the things that make that happen,” the Prime Minister said.
It follows the government’s intervention to back gas as the key transition energy source as Australia’s coal-fired power stations are gradually retired.