World News

Australia to Become a Clean Energy Superpower

The Australian government is looking to make the country a world leader in renewable energy with a billion-dollar investment package for new energy technologies.

Announcing the package on Sept. 17, Prime Minister Scott Morrison explained that the government would be providing $1.9 billion in investment for future renewable technologies that will help generate jobs and cut household costs while at the same time stabilising and securing our energy supply.

Australia is in the midst of a world-leading boom in renewable energy with over $30 billion invested since 2017,” Morrison said.

“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,” the prime minister added. “This will support our traditional industries—manufacturing, agriculture, transport—while positioning our economy for the future.”

Facilitating the technological boom, the government will be expanding the focus of the Australian Renewable Energy Agency (ARENA) so that it, along with the Clean Energy Regulator, can deploy a portion of the $2 billion Climate Solutions Fund.

ARENA will also now get a baseline funding of $1.43 billion over ten years giving it the ability to invest in new technologies that will cut emissions in agriculture, manufacturing, industry, and transport. It will also receive $193 million in grants for targeted programs.

ARENA CEO Darren Miller welcomed the governments announcement on Sept.17 saying the government recognition of its work would usher in a new era for ARENA.

“There is still much work to be done, but with an experienced team, industry knowledge, and strong networks across a range of technologies and sectors, ARENA is well-positioned to support Australias energy transformation and emissions reduction goals,” Miller said.

Other significant investment programs in the package include:

  • The $95.4 million Technology Co-Investment Fund to encourage businesses to adopt new technologies that increase productivity and reduce emissions.
  • The $50 million Carbon Capture Use and Storage Development Fund to establish pilot programs around Australia
  • A $74.5 million Future Fuels Fund to encourage the use of hydrogen, electric, and bio-fuelled vehicles
  • A $70.2 million a hydrogen export hub to scale-up demand and take advantage of the advancements in this low emissions, high powered source of energy

Federal Minister for Energy and Emissions Reduction Angus Taylor said: “The government recognises the strong growth in emerging energy technologies that will play a role in Australias energy mix into the future.”

“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.”

Traditional renewables like solar and wind power will not be part of the new package as the government believes they are now commercially viable.

The peak body of the renewable industry, the Clean Energy Council, was quick to support the federal governments move, <a href="<a href=>Read More – Source</a></p>_


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The Epoch Times