Investment in low emissions technologies that strengthen our economy and support jobs and businesses are a priority of the Liberal National Government on the road to recovery from COVID-19, and to help Australia reduce global emissions.
The Government has released the Technology Investment Roadmap discussion paper, which will bring a strategic and system-wide view to future investments in low emissions technologies.
The Government will back new and emerging technologies that will increase the productivity of export sectors like agriculture, energy, metals and minerals processing.
We are also focusing on technologies that allow Australia to capitalise on opportunities to develop new industries and jobs, and position us to support our trading partners’ plans to reduce emissions through the export of low emissions technologies, energy and other products.
Minister for Energy and Emissions Reduction Angus Taylor said the Government sees enormous potential in technologies like hydrogen, carbon capture and storage, soil carbon sequestration, biofuels, resources and energy exports to reduce emissions while strengthening our economy.
“The Government is committed to reducing emissions without imposing new costs on households, while at the same time growing businesses and regional economies,” Minister Taylor said.
“At its core, this is about technology not taxes. It means reducing emissions, not reducing jobs and the economy. It is an approach based on rigour, confidence, optimism, and Australian ingenuity not ideology.
Federal Member for Groom, Dr John McVeigh, said the Government’s Technology Investment Roadmap goes further than the important need to reduce emissions.
“We are equally focused on backing new industries that will help regional communities and local economies to prosper,” Dr McVeigh said.
“We will focus on the technologies where we have a competitive advantage and that’s important here on the Downs – a region the Minister recognises as the most diverse in the nation given our coal, gas, wind, hydro, bioenergy and solar energy systems.”
“Real action on technology, not taxes, is the pathway to further emissions reduction here and around the world. As the Chair of the Coalition’s Industry, Energy and Resources Policy Committee, I’m absolutely committed to an innovative technology-driven approach.”
The alternative is to sign up to long term targets without a clear plan. This approach will penalise energy-intensive industries and reduce economic activity.
The Roadmap goals will be developed in consultation with industry, researchers and the financial sector, with progress reported through an annual Low Emissions Technology Statement.
The Roadmap will be a cornerstone of Australia’s Long Term Emissions Reduction Strategy, to be released ahead of COP26.
The Government has already made substantial investments in clean energy technology, with more than $10 billion invested in more than 670 clean energy projects with a total project value in excess of $35 billion.
To contribute to this important national conversation or learn more about the Roadmap process, visit: https://consult.industry.gov.au/climate-change/technology-investment-roadmap/
Written submissions are open until Sunday 21 June 2020.