Budget 2022–23: Energy and emissions reduction
The 2022–23 Budget is building new clean energy industries, securing reliable and affordable energy, and putting Australia on track to achieve net zero emissions by 2050.
The Hon Angus Taylor MP, Minister for Industry, Energy and Emissions Reduction, said $2.4 billion of initiatives in the 2022–23 Budget under the industry, energy and emissions reduction portfolio set a path for a stronger economy.
‘This Budget includes further investments to strengthen Australia’s sovereign manufacturing capabilities, secure our resilience in times of a crisis, and ensure we have affordable and reliable energy supplies for Australian households and businesses.
‘We are also investing in critical infrastructure to ensure reliable and secure energy for Australian households and businesses, and build on our strong record of reducing prices,’ the Minister said.
The Budget includes $1.3 billion of new investment to maintain energy security and keep downward pressure on energy prices while reducing emissions.
Energy and emissions reduction investment
- $300 million to support low emissions LNG and clean hydrogen production at Darwin, together with associated carbon capture and storage infrastructure. Darwin is positioned to become one of the world’s leading low-cost clean energy hubs.
- $247.1 million to support increased private sector investment in low emissions technologies including hydrogen.
- $200 million to increase onshore processing and value-add of iron ore exports, to support low emissions steel production in customer countries like Japan and Korea.
- $200 million to enhance supply chain security through new low emissions manufacturing facilities in the Pilbara region.
- $148.6 million to support affordable and reliable power, including the development of community microgrid projects in regional and rural Australia.
- $100 million to de-risk private sector investment in firm generation and grid infrastructure in the Pilbara region.
- $100 million to support pre-Final Investment Decision activities and early works to make the Port of Newcastle hydrogen ready.
- $50.3 million to accelerate priority gas infrastructure projects.
Minister Taylor said with the Budget measures, the government has committed more than $22 billion of public investment in low emissions technologies by 2030.
Budget 2022-23 Australian Government
Future Fuels and Vehicles Strategy DISER
Technology Investment Roadmap and Low Emissions Technology Statement DISER