News

Investment in New Energy Technologies

Investment in New Energy Technologies

Published: 17 September, 2020

JOINT MEDIA RELEASE:

The Hon Scott Morrison MP
Prime Minister

The Hon Angus Taylor MP
Minister for Energy and Emissions Reduction

James Stevens MP
Member for Sturt

 

INVESTMENT IN NEW ENERGY TECHNOLOGIES

The Morrison Government is investing in new and emerging technologies that will support jobs, strengthen our economy and reduce emissions.

Prime Minister Scott Morrison said the $1.9 billion investment package in future technologies to lower emissions would back jobs now and into the future, cut costs for households and improve the reliability of our energy supply.

The Prime Minister said the Government is supporting the next generation of energy technologies with an extra $1.62 billion for the Australian Renewable Energy Agency (ARENA) to invest, as well as expanding the focus of ARENA and the Clean Energy Finance Corporation (CEFC) to back new technologies that will cut emissions in agriculture, manufacturing, industry and transport.

“Our JobMaker plan is about protecting and creating the jobs of today and positioning Australia for the jobs of the future, which is why our investment in new technologies is so crucial,” the Prime Minister said.

“Australia is in the midst of a world-leading boom in renewable energy with over $30 billion invested since 2017. Solar panels and wind farms are now clearly commercially viable and have graduated from the need for government subsidies and the market has stepped up to invest.

“The Government will now focus its efforts on the next challenge: unlocking new technologies across the economy to help drive down costs, create jobs, improve reliability and reduce emissions. This will support our traditional industries – manufacturing, agriculture, transport – while positioning our economy for the future.

“These investments create jobs and they bring new technologies into play. This will not only cut emissions, but deliver the reliable energy Australia needs while driving down prices for homes and businesses.”

The new package also invests in a range of promising low-emissions, reliable new technology advancements including:

  • Helping businesses and communities take advantage of opportunities offered by hydrogen, electric, and bio-fuelled vehicles with a new $74.5 million Future Fuels Fund
  • Setting up a hydrogen export hub worth $70.2 million to scale-up demand and take advantage of the advancements in this low emissions, high powered source of energy
  • Increasing the energy productivity of homes and businesses, including a sector specific grant program for hotels supporting equipment and facilities upgrades
  • Slashing the time taken to develop new Emissions Reduction Fund (ERF) methods from 24 months or more to less than 12 months, involving industry in a co-design process and implementing other recommendations from the King Review into the ERF, worth $24.6 million

Minister for Energy and Emissions Reduction Angus Taylor said getting the next generation of energy technologies right would not only help to keep prices low and the lights on, but would importantly grow jobs, strengthen the economy and reduce emissions.

“We will reduce the cost of new and emerging technologies, not raise the cost of existing technologies or layer in new costs to consumers and businesses through mandated targets or subsidies,” Minister Taylor said.

“The Government recognises the strong growth in emerging energy technologies that will play a role in Australia’s energy mix into the future. We need to get the balance right and our investment to re-energise ARENA will deliver that.

“ARENA has played an important role in this growth, and as the cost of renewable technologies has fallen dramatically, the Government is investing in the future of ARENA to support the next generation of energy technologies.”

Federal Member for Sturt, James Stevens MP said the Morrison Government’s emissions reduction strategy is focussed on technology not taxes.

“An approach that doesn’t compromise energy affordability or reliability will be more important than ever as we recover from the COVID-19 pandemic,” Mr Stevens said.

“Early-stage investment is a proven method to accelerate the development of new and emerging technologies and the Technology Investment Roadmap will provide a strategic framework to prioritise the Government’s investments.”

This package will contribute to Australia’s continued success in meeting and beating our emissions reduction targets. Australia beat its Kyoto-era targets by up to 430 million tonnes and the Government is on track to meet and beat our 2030 Paris target.

As a nation, Australia has done far better than similar export-oriented countries with emissions now 14.3 per cent below 2005 levels. This is an achievement all Australians can be proud of.

 

Ends.

Minister Taylor’s office: Liam O’Neil, 0428 113 617
James Stevens’ office: Aric Pierce, (08) 8431 2277