Harnessing new technology to lower emissions

Investing in low emissions technologies to strengthen our economy and support jobs and businesses is a Morrison Government priority as we navigate the road to recovery from COVID-19.

The government has released the Technology Investment Roadmap discussion paper to bring a strategic and system-wide view on future investments in low emissions technologies.

With an opportunity to develop new industries and jobs, investing in new and emerging low-emission technologies is a win for the economy and a win for the environment.

Federal Member for Bonner Ross Vasta MP said the Technology Investment Roadmap was the next step in the Morrison Government’s technology not taxes approach to reducing emissions.

“We are focused on putting Australia at the forefront of research and development and maintaining our strong track record of reducing global emissions,” Mr Vasta said.

“Emissions are lower today than when we were elected in 2013 and deploying the right technology when and where it is needed will allow Australia to capture new opportunities to reduce emissions even further.

“Real action on technology, not taxes, is the pathway to further remissions reduction here and around the world.”

Minister for Energy and Emissions Reduction Angus Taylor said there was 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.

“This is about developing technologies to support jobs growth and this is also about ensuring mums and dads and small businesses are paying a fair cost for energy, and not imposing taxes on them,” Minister Taylor said.

“At its core, this is about technology not taxes.

“It means reducing emissions, not reducing jobs and the economy and it is an approach based on rigour, confidence, optimism, and Australian ingenuity not ideology.

“The alternative is to sign up to long term targets without a clear plan, an approach that 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.

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Supporting affordable clean energy

The Morrison Government is further investing in technology solutions to reduce the energy bills of Australian families and businesses, and drive down carbon emissions.

Federal Member for Bonner Ross Vasta MP said the government was investing $68.5 million in the Reliable Affordable Clean Energy for 2030 (RACE for 2030) Cooperative Research Centre (CRC) to improve energy affordability and reliability, and help Australia play its role in reducing global emissions.

“The RACE for 2030 CRC will lead collaborative research and innovation to grow Australian energy technology businesses, improve clean energy uptake, while at the same time tackling the grid stability challenges facing new energy technologies, with long-term benefits for all Australians,” Mr Vasta said.

“With cost of living and rising power prices among top concerns for families and businesses, investing in technology to not only reduce emissions but the cost of energy is something everyone can get behind.”

Minister for Industry, Science and Technology Karen Andrews said the CRC would drive the development of clean energy solutions which were stable and economically viable.

“This investment is a perfect example of how the Morrison Government is taking climate action now, without dipping into the pockets of hard-working Australians,” Minister Andrews said.

“Supporting cutting-edge energy technology and research is a sure-fire path to lower emissions, cheaper power and a reliable grid.

“The cost and reliability of energy is a vital component of running a business. Reducing energy costs for businesses means more money for investment, more production and more jobs – essential elements of a healthy and growing economy.

“For Australian families, this clean energy research offers the opportunity to reduce their carbon footprint, while also lowering their power bills and freeing up more money in the household budget.”

Minister for Energy and Emissions Reduction Angus Taylor said the work of the CRC is yet another example of the Government delivering innovative measures for a fairer deal on energy for all Australians.

“Technology, not taxes, will be the way we deliver practical action on emissions reduction. This is why it is so important that we work together with industry and researchers to deploy the right technology when and where it is needed for cheaper bills and lower emissions”, Minister Taylor said.

“We have seen wholesale prices for electricity reduce by an average of 35 per cent on the east coast over the last quarter compared with the same time last year. The CRC’s work will assist in unlocking new technologies for reliable generation to continue this downward cost trend and keep the lights on.

“We’re committed to sensible, practical solutions that reduce emissions, cut power bills, and protect and create jobs.”

The RACE for 2030 CRC’s potential benefits include reducing energy costs by up to 25 per cent, reducing emissions by up to 20 million tonnes and an $8 billion economic benefit by 2034.

The CRC has generated around $280 million in cash and in-kind contributions from industry and researchers to drive its work which will be supported by the $68.5 million in Government support under round 21 of the CRC program.

Since 2013, the Government has committed $1.1 billion to support the establishment of 30 CRCs, with industry and research partners contributing $3.4 billion in cash and in-kind contributions.

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