PASIN WELCOMES TECHNOLOGY INVESTMENT ROADMAP

The Morrison Government is investing in future energy technologies that will support jobs, strengthen our economy and reduce emissions says Member for Barker Tony Pasin.

“The Technology Investment Roadmap announced by Minister Taylor this week outlines our Government’s technology not taxes approach to energy policy,” Mr Pasin said.

“This approach means we can strengthen our economy and reduce emissions at the same time. We can do this without compromising the affordable, reliable power that Australians rely on.”

The Technology Investment Roadmap will accelerate technologies like soil carbon measurement, carbon capture and storage, as well as low carbon materials like steel and aluminium.

“Preserving and expanding these sectors by making them more competitive is a priority for our Government,” Mr Pasin said.

Mr Pasin said that by getting these technologies right the Government would be supporting 130,000 new jobs with a focus on regional communities and maintain Australia’s position as a world leading exporter of food, fibre, minerals and energy.

The Government will use annual Low Emissions Technology Statements to guide, track and measure the impact of our investments in new energy technologies.

The first Statement identifies Australia’s key technological challenges and opportunities and outlines 5 Priority low emissions technologies with economic stretch goals.

These goals are:

• Clean hydrogen under $2 per kilogram
• Energy storage ‒ electricity from storage for firming under $100 per MWh, which is consistent with an average wholesale price between $60 to $70 per MWh
• Low carbon materials – low emissions steel production under $900 per tonne, low emissions aluminium under $2,700 per tonne
• CCS – CO₂ compression, hub transport, and storage under $20 per tonne of CO₂
• Soil carbon – soil carbon measurement under $3 per hectare per year

To make progress on these goals the Government will require key agencies (ARENA, CEFC and Clean Energy Regulator (CER)) to prioritise investments in these technologies and report on action they are taking to accelerate them. The Government will also enter into international partnerships to collaborate on priority technologies and use Commonwealth-State deals to leverage greater co-investment.

“Using this approach, we will reduce the cost of new and emerging technologies, not raise the cost of existing technologies,” Mr Pasin said.

“This is not about government telling businesses or households what they should do, but making sure lower-emitting alternatives are available and make economic sense for Australian families and businesses,” Mr Pasin said.

For more information on the first statement go to https://www.industry.gov.au/data-and-publications/technology-investment-roadmap-first-low-emissions-technology-statement-2020

Media Contact: Charlotte Edmunds 8531 2466