A new package from the Australian Government will support jobs, strengthen our economy and reduce emissions through investments in new and emerging technologies.
It includes an extra $1.62 billion for the Australian Renewable Energy Agency (ARENA), which manages Australia’s renewable energy programs, to invest.
The package also expands the focus of ARENA and the Clean Energy Finance Corporation (CEFC) to back new technologies that will cut emissions in agriculture, manufacturing, industry and transport.
Investment for a range of promising low-emissions, reliable new technology advancements in the agriculture, manufacturing, industrial and transport sectors is also included. These investments will be through a new $95.4 million Technology Co-Investment Fund.
In addition the package includes a $50 million investment in carbon capture projects through the Carbon Capture Use and Storage Development Fund Piloting that will help cut emissions
A new $74.5 million Future Fuels Package will help businesses and regional communities to take advantage of opportunities offered by hydrogen, electric, and bio-fuelled vehicles.
Hydrogen industry development will be boosted with $70.2 million to enable the development of a regional hydrogen export hub, a key part of Australia’s National Hydrogen Strategy. This will be supported by research collaborations and international supply chain studies to demonstrate and deploy hydrogen technology in Australia.