Australia To Set Up $740 Million Fund To Develop Low-emissions Technology

 

SYDNEY: Australia will arrange a A$1 billion ($740 million) fund to spend money on firms to develop low-emissions expertise, Prime Minister Scott Morrison mentioned on Wednesday, because the nation seeks to chop carbon emissions and hit net-zero targets by 2050.

Under the plan, the federal authorities will commit A$500 million to the fund, matched by non-public traders, which will probably be used to again early stage firms in creating applied sciences together with carbon seize and storage.

“Our plan to succeed in internet zero by 2050 is an Australian one which’s targeted on expertise not taxes and this fund backs Australian firms to seek out new options,” Morrison said in a statement.

The federal government will introduce legislation to establish the fund, in order to allow the Clean Energy Finance Corp to fund carbon capture and storage, which is not allowed under its existing terms.

The move came a day after the federal government pledged A$178 million ($132 million) to ramp up the rollout https://www.reuters.com/business/autos-transportation/australia-accelerate-rollout-charging-stations-electric-cars-2021-11-08 of hydrogen refuelling and charging stations for electric vehicles.

Australia, heavily reliant on exports of coal and gas, has been targeting carbon capture and storage, and hydrogen development to help cut emissions, while still allowing for the use of gas and coal.

Last month, Australia said it would target net-zero carbon emissions by 2050 to ease international criticism, but added it would not legislate the goal and instead rely on consumers and companies to drive emission reductions.

($1 = 1.3517 Australian dollars)