A series of new international technology partnerships are set to make low emissions technologies cheaper and drive investment in Australia-based projects that create jobs.
A new $565.8 million commitment by the Morrison Government in the 2021-22 Budget will help create up to 2,500 jobs by backing low emissions international technology partnerships and initiatives by co-funding research and demonstration projects.
The partnerships will leverage $3 to $5 of co-investment for every dollar invested and Australia is in discussion with potential partners that will build on our already strong relationships.
Prime Minister Scott Morrison said technology partnerships were key to the world finding the solutions to the world’s climate challenges and creating new jobs and protecting jobs in heavy industries and regional areas.
“These partnerships mean Australia will keep leading the way in low emissions technology that also means more jobs here at home,” the Prime Minister said.
“The world is changing and we want to stay ahead of the curve by working with international partners to protect the jobs we have in energy-reliant businesses, and create new jobs in the low emissions technology sector.
“As we look to take advantage of these new export opportunities, we won’t look to reduce our own emissions by shutting down our existing export industries like agriculture, aluminium, coal and gas.
“Cheaper energy from new technology that meets our emissions reduction commitments means lower costs to businesses so they can keep employing Australians and grow jobs for the future.
“We’ll work closely with our friends and neighbours to play our part in the global effort to cut emissions through technology while driving economic growth, creating jobs and pushing down energy costs.”
Minister for Energy and Emissions Reduction Angus Taylor said the world looked to Australia as a leader in new and emerging energy technologies.
“The five technologies prioritised under our Technology Investment Roadmap have the potential to substantially reduce or eliminate emissions from sectors that account for 90 per cent of global emissions,” Minister Taylor said.
“Getting new energy technologies to parity will enable substantial reductions in global emissions – in both developing and developed countries – and ensure countries don’t have to choose between growth and decarbonisation.
“But Australia won’t be able to make these technologies globally scalable and commercially viable all on our own.
“Rapid progress and innovation can be achieved when the world works together towards a common goal.
“We need to bring a laser-like focus and collaborative effort to accelerating the development of practical technology pathways.”
Today’s announcement will advance and support the goals of the Technology Investment Roadmap and facilitate deployment and export of home-grown low emissions technologies and energy.
Australia is already collaborating with our trading and strategic partners, including Germany, Japan, Korea, Singapore, the UK and the US. This year, ahead of COP26, the Government will ramp up that collaboration.
Australia’s Special Adviser on Low Emissions Technology, Dr Alan Finkel, will play a key role in brokering new international partnerships.
Australia’s Technology Investment Roadmap is expected to guide $18 billion of Government investment over the next 10 years and drive at least $70 billion of total new investment in low emissions technologies in Australia by 2030. Our plan will support 130,000 jobs by 2030 and avoid in the order of 250 million tonnes of emissions by 2040.