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Australia plans to invest A$18 billion ($13 billion) in energy technologies over the next decade to reduce carbon emissions to combat climate change
, Australia's energy minister said Monday.
The Technology Investment Program is the latest attempt
at climate and energy policy proposed by Australia, the world's largest coal and gas exporter, after 13 years of debate over carbon prices and emissions targets.
However, Australia has yet to put forward a net-zero
target or a carbon price by 2050.
Australian Energy Minister Angus Taylor said the government would focus on investing in hydrogen, energy storage, mild steel and aluminium, carbon capture and storage, and carbon sequestration in soil, and had set cost targets
for these technologies.
By the end of 2019, the country was halfway from meeting its Paris climate agreement commitments, and Australia had pledged to reduce its emissions by 26 to 28 per cent
from 2005 levels by 2030.
Speaking in Canberra on Monday, Taylor said: "Australia cannot and should not harm its economy to reduce emissions.
.
.
When it comes to reducing emissions, competition from cost-effective low- and negative-emission technologies will strengthen our economy, not weaken it
.
”
The scheme aims to encourage farmers to change the way
they manage their land by reducing battery storage costs to less than $100 per megawatt hour, carbon capture and storage costs to less than $20 per tonne, and measuring carbon in soil to less than $3 per hectare per tonne per year.
For low-emission steel production, the goal is to cut costs to less than $900 per tonne and green aluminium to less than
$2,700 per tonne.
Australia plans to invest A$18 billion ($13 billion) in energy technologies over the next decade to reduce carbon emissions to combat climate change
, Australia's energy minister said Monday.
The Technology Investment Program is the latest attempt
at climate and energy policy proposed by Australia, the world's largest coal and gas exporter, after 13 years of debate over carbon prices and emissions targets.
However, Australia has yet to put forward a net-zero
target or a carbon price by 2050.
Australian Energy Minister Angus Taylor said the government would focus on investing in hydrogen, energy storage, mild steel and aluminium, carbon capture and storage, and carbon sequestration in soil, and had set cost targets
for these technologies.
By the end of 2019, the country was halfway from meeting its Paris climate agreement commitments, and Australia had pledged to reduce its emissions by 26 to 28 per cent
from 2005 levels by 2030.
Speaking in Canberra on Monday, Taylor said: "Australia cannot and should not harm its economy to reduce emissions.
.
.
When it comes to reducing emissions, competition from cost-effective low- and negative-emission technologies will strengthen our economy, not weaken it
.
”
The scheme aims to encourage farmers to change the way
they manage their land by reducing battery storage costs to less than $100 per megawatt hour, carbon capture and storage costs to less than $20 per tonne, and measuring carbon in soil to less than $3 per hectare per tonne per year.
For low-emission steel production, the goal is to cut costs to less than $900 per tonne and green aluminium to less than
$2,700 per tonne.
