Clean hydrogen and carbon capture support
The Australian Government will invest $539.2 million into clean hydrogen, carbon capture storage (CCS) and carbon capture, use and storage (CCUS) projects:
- $275.5 million to support the development of four additional clean hydrogen hubs in regional Australia, trial a Guarantee of Origin/hydrogen certification scheme, and fund legal and market reforms.
- $263.7 million to support the development of CCS/CCUS projects and hubs
With partner countries, Australia will invest $565.8 million to:
- co-fund research and demonstration projects that drive down the costs of low emissions technologies
- facilitate deployment and export of Australian low emissions technologies and energy
Virtual Leaders Summit on Climate
US President Joe Biden is convening a virtual Leaders Summit on Climate across 23-24 April. Around 40 world leaders are participating in the talks. The world has agreed to keep emissions from rising by more than 1.5 degrees Celsius by the year 2100.
In addressing the summit, Australian Prime Minister Scott Morrison stated:
‘Australia is on the pathway to net zero. Our goal is to get there as soon as we possibly can, through technology that enables and transforms our industries, not taxes that eliminate them and the jobs and livelihoods they support and create, especially in our regions.
‘For Australia, it is not a question of if or even by when for net zero, but importantly how.
‘That is why we are investing in priority new technology solutions, through our Technology Investment Roadmap initiative.
‘We are investing around $20 billion to achieve ambitious goals that will bring the cost of clean hydrogen, green steel, energy storage and carbon capture to commercial parity. We expect this to leverage more than $80 billion in investment in the decade ahead.’