The announcement today by the Australian Government that the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA) will have broader mandates to include new and emerging technologies such as carbon capture, utilisation and storage (CCUS) and new technology development funds are significant steps towards Australia reducing its emissions across all sectors of the economy.
Australia’s minerals sector acknowledges the importance of technology in reducing emissions.
The global transition to low emissions technologies, including solar, wind, hydrogen, batteries, gas and advanced coal with CCUS and nuclear depends on the metals and raw materials provided by the minerals sector.
This provides great opportunities for minerals such as lithium, cobalt and copper in all forms of transport infrastructure, communications and energy systems.
As Australia seeks to reach net zero emissions, demonstrating technologies such as Glencore’s carbon transport and storage company (CTSCO) project in Queensland will be critical.
Australia’s minerals industry strongly supports a policy framework where all low emission technologies are able to compete on a level playing field.
This approach will encourage technology-driven and high abatement opportunities, especially in sectors where emissions reduction is more challenging.
As outlined in the MCA’s Climate Action Plan, Australia’s resources sector is already making major technology investments to significantly reduce emissions such as renewable energy investments at mine sites and collaboration on low emissions technologies and processes.
The Australian minerals sector is already working hard, and will continue to work hard to support Australia achieve its Paris emissions reduction target through reducing emissions from minerals extraction and processing, investing in low emission technology, energy efficiency initiatives and increasing the use of renewable energy in operations.