Discovery – Environment
Federal Government unveils low emissions technology roadmap
Low emissions technology roadmap and statement announced
- $1.62 billion for the Australian Renewable Energy Agency (ARENA), including $1.43 billion baseline over 10 years
- $95.4 million for new Technology Co-Investment Fund (recommended by the King Review), to support agriculture, manufacturing, industrial and transport sectors to adopt technologies that increase productivity and reduce emissions
- $50 million investment in the Carbon Capture Use and Storage Development Fund
- $74.5 million for new Future Fuels Fund, to take advantage of opportunities offered by hydrogen, electric, and bio-fuelled vehicles
- $67 million for new microgrids in regional and remote communities
- $52.2 million to increase energy productivity in homes and businesses
- $70.2 million to support a grants program for hydrogen industry development, including setting up a hydrogen export hub (a key part of Australia’s National Hydrogen Strategy), research collaborations and international supply chain studies
- $24.6 million to reduce time taken to develop new Emissions Reduction Fund (ERF) methods from 24 months to less than 12 months, involving industry in a co-design process
- Develop an offshore clean energy project development framework, and work to improve energy and emissions data reporting to support the delivery of future Low Emissions Technology Statements, together worth $40.2 million
- The mandate of ARENA and the Clean Energy Finance Corporation (CEFC) will be revised to include new low-emissions technologies, such as carbon capture and storage, soil-carbon sequestration, and green-steel production.
On 22 September, the Australian Government’s first Low Emissions Technology Statement was released. The Statement sets out five priority technologies and associated economic stretch goals:
- Hydrogen production at less than $2 per kilogram
- Long duration energy storage (6-8 hours or more) dispatched at less than $100 per megawatt hour
- Low carbon materials: Low emissions steel produced at less than $900 per tonne, and low emissions aluminium produced at less than $2,700 per tonne
- Carbon capture and storage (carbon dioxide (CO2) compression, hub transport and storage) at less than $20 per tonne CO2
- Soil carbon measurement at less than $3 per hectare per year.
Following the announcement of the Statement, the Australian Government will now commence a set of key actions including:
- Establishment of a Technology Investment Framework
- Commencement of a soil carbon innovation challenge
- Introduction of legislative amendments to ARENA and the CEFC
- Establishment of a Technology Investment Advisory Council.