The Morrison government has promised additional funding for start-ups working on technology that can reduce emissions by 2050.
Morrison Government to create $1 billion low emissions technology fund
The Morrison government says it will move to legislate a $1 billion fund to encourage investment in Australian companies to develop new low emissions technology.
The government will provide $500 million to the Clean Energy Finance Corporation, with the ‘green bank’ to raise the other half from the private sector before the new fund launches.
The fund could support technologies including carbon capture and underground storage, improved solar panels, livestock feed to reduce methane emissions and more efficient batteries.
The federal government recently committed to a net zero greenhouse gas emissions by 2050 target and has underpinned much of its strategy on technology that hasn’t been invented yet.
The Coalition has rebuffed calls to phase out coal and declined to ramp up its 2030 targets, but it has promoted carbon capture and storage, gas and hydrogen as solutions.
Prime Minister Scott Morrison released a joint statement with Energy Minister Angus Taylor on Tuesday night, saying their government would introduce legislation in this term of parliament to establish the fund.
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Prime Minister Scott Morrison and Energy Minister Angus Taylor
were in Melbourne on Tuesday to spruik their electric vehicles
policy. Picture: William West/AFP
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Mr Taylor said the technology fund would support fledgling Australian companies to develop their intellectual property.
He said there was a currently a gap in the Australian market, where complex, technology-focused start-ups could be considered to be “too risky” to finance.
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| The fund could support improved solar panels and more efficient batteries. Picture: Cameron Laird |
Mr Morrison and Mr Taylor were in Melbourne earlier on Tuesday to spruik their
new electric vehicles policy, with $250m to install charging stations and
other infrastructure in a bid to get 1.7 million low and zero emission cars on
the road by 2030.
Mr Morrison savaged Labor’s proposal back in 2019, accusing the party of trying to force Australians to give up their petrol-run cars.
He continues to refuse to release the modelling underpinning his government’s plan to achieve net zero emissions by 2050 despite criticism that the policies lack credibility.
On Monday, when he was asked by reporters when it would be released, Mr Morrison repeated the word “soon” but gave no indication of a time frame.
Last month, he told parliament the report would be released following his trip to Glasgow for the COP26 climate summit.
Mr Morrison returned to Australia last week.
Links
Mr Morrison savaged Labor’s proposal back in 2019, accusing the party of trying to force Australians to give up their petrol-run cars.
He continues to refuse to release the modelling underpinning his government’s plan to achieve net zero emissions by 2050 despite criticism that the policies lack credibility.
On Monday, when he was asked by reporters when it would be released, Mr Morrison repeated the word “soon” but gave no indication of a time frame.
Last month, he told parliament the report would be released following his trip to Glasgow for the COP26 climate summit.
Mr Morrison returned to Australia last week.
Links
- Scott Morrison says ‘can-do capitalism’ will solve climate change
- Morrison government receives damning assessment over climate change response
- Scathing analysis of Australia’s net zero by 2050, climate change targets
- PM pledges $2 billion for Pacific countries to help fight climate change
- Net zero: Australia’s Scott Morrison and his climate change balancing act
- Prime Minister faces renewed 2030s climate target push
- Morrison's Glasgow trip raises troubling questions about climate change, national security and how the government should be judged
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