Scott Morrison unveils plan to slash emissions

Scott Morrison has announced his plan to slash emissions — and Victoria is set to play a key part in the clean energy revolution.

Scott Morrison will pump more than half a billion dollars into hydrogen and carbon capture projects to bolster his climate credentials ahead of Joe Biden’s crucial leaders summit this week.

Victoria is set to lead the hydrogen revolution, with the Latrobe Valley looming as a frontrunner to host one of five hubs to produce the clean power source and export it.

The Prime Minister’s new investments — $275.5m for the hydrogen hubs and $263.7m for carbon capture, use and storage projects — are tipped to create 2500 jobs.

He will announce the package to slash emissions on Wednesday, before the US President’s virtual summit kicks off on Thursday night, with 40 world leaders ­convening to discuss stronger climate action. “We cannot pretend the world is not changing. If we do, we run the risk of stranding jobs in this country,” the PM said.

“It is essential we position Australia to succeed by investing now in the technologies that will support our industries into the future, with lower emissions energy that can support Australian jobs.”

Prime Minister Scott Morrison has annouced a package to slash emissions.

It is understood Mr Morrison will announce more commitments on Thursday, ahead of the summit where Mr Biden will unveil a more ambitious 2030 emissions cut target.

While the PM supports the global push to reach net zero emissions by 2050, he has not formally committed to the target, although he said Australia was continuing to “meet and beat” its commitments.

Hydrogen, the most abundant element in the universe, looms as a crucial part of the energy transition as it can be produced as a clean fuel with renewable generation.

The Latrobe Valley is ­already the site of a world-leading hydrogen project in partnership with Japan, and the government hopes to become a major global supplier by 2030, with the industry tipped to create 8000 jobs and deliver an $11bn annual economic boost by 2050.

The extra investment in carbon capture technology comes after the government invested $50m in last year’s budget and received 71 applications for funding, ­totalling over $400m. Energy Minister Angus Taylor said trade partners including Japan and South Korea were excited at Australia’s potential to supply low-cost clean energy.

Current and former defence force and security chiefs on Wednesday will launch a push for an urgent assessment of the impact of climate change on national security.