The Australian Government, through the Australian Renewable Energy Agency (ARENA), is investing $2 million to support industry to accelerate the development and deployment of low emissions technologies.
The funding will be provided to ClimateWorks Australia to assist in the next phase of the Australian Industry Energy Transitions Initiative (ETI).
Through the ETI, some of Australia’s biggest companies are working together to decarbonise industry supply chains across hard-to-abate sectors, with a particular focus on:
- iron and steel
- alumina and aluminium
- liquefied natural gas
- other metals (including lithium, copper and nickel)
- chemicals, such as plastics, fertilisers and explosives.
Together, these sectors represent more than a quarter of Australia’s industrial emissions and generate around $160 billion in export revenue annually.
The program is also focused on supporting uptake of the next generation of energy technologies. Target technologies include green steel, hydrogen and carbon capture, use and storage (CCUS) – all of which are priority areas under the government’s Technology Investment Roadmap.
The ETI now has 16 participating companies including Rio Tinto, HSBC, BHP, Woodside, National Australia Bank and Schneider Electric.
ARENA had previously provided $300,000 to ClimateWorks to support establishing the ETI.