The Federal Government released its first Low Emissions Technology Statement this week – the first checkpoint of its Technology Investment Roadmap.
The statement outlined five priority technologies and economic stretch goals the government said will make new technologies cost effective, including producing hydrogen at under $2/kg and carbon capture and sequestration (CCS) operations for under $20/t of carbon dioxide.
The government said it will now commence a number of key actions, including the investment of $1.9 billion in a new energy technology package that will see the establishment of Australia’s first regional hydrogen export hub as well as a CCS Deployment Fund and Future Fuels Fund to support new and emerging technologies.
Federal Minister for Energy and Emissions Reduction Angus Taylor said getting future technologies right would support 130,000 jobs by 2030 and avoid around 250 million t of emissions by 2040.
“If these technologies achieve widespread deployment globally, they will significantly reduce emissions from energy, transport, agriculture and heavy industry,” he said.
“These sectors account for 90 per cent of global emissions and emit 45 billion t each year.
“The government expects to invest more than $18 billion in low emissions technologies over the decade to 2030, in order to drive at least $50 billion of new investment over the next ten years.”
The government said the initial statement was prepared with advice from industry experts including Australia’s Chief Scientist Dr Alan Finkel and Australian Gas Infrastructure Group (AGIG) CEO Ben Wilson.
Energy Networks Australia CEO Andrew Dillon said the inclusion of Mr Wilson in the reference group shows the role renewable gas would play in Australia’s energy future.
“Household, distribution and transmission level batteries will play their part along with renewable gases like hydrogen,” he said.
“Our customers prefer using gas for cooking and heating, but they want to see emissions reductions.
“Networks like those owned by AGIG, Jemena and ATCO are already trialling the blending of hydrogen for use in homes and businesses.
“The development of a domestic hydrogen market is an essential step towards getting the price of production down and supporting a viable export market.”
Click here to read the full Low Emissions Technology Statement.
For more information visit the Department of Industry, Science, Energy and Resources website.
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