The Australian government announced this Wednesday (11.10.2021) the creation of a millionaire fund to boost investment in companies that develop new low-emission technologies in the oceanic country, including carbon capture and storage.
The Executive of Canberra will allocate some 500 million Australian dollars (369 million dollars or 318 million euros) to the Green Energy Financing Corporation to allocate them to this new Low Emission Technologies Marketing Fund, according to a statement from the prime minister’s office.
Scott Morrison’s government expects the private sector to match the amount to be invested in this fund for the development of low-emission and carbon capture technologies.
Affordable and scalable technology
“Australia can become a world leader in creating low-emission technology that is affordable and scalable, helping to reduce emissions while creating jobs,” Prime Minister Scott Morrison, who is seeking re-election, said in a statement. in the next elections that must be held before May 2022.
To create the new fund, Morrison will have to ask the Parliament of Canberra to amend the Green Energy Financing Corporation Law, which operates as a bank and which until now can only invest in proven and non-experimental technologies, such as capture and carbon storage.
This law that governs the Corporation created by the government of Labor party Julia Gillard (2010-13) and that the government of the coalition led by Morrison tried to dismantle, specifically prohibits investment in carbon capture and storage because it implies a dependency in the fossil fuel industry, according to the specialized energy portal Renew Economy.
Bet on electric and hydrogen vehicles
The new fund “will address the gaps in the Australian market, where currently small and complex technology-focused startups can be seen as too risky to fund,” Australian Energy Minister Angus Taylor stressed.
The day before, the Australian government announced another fund of 178 million Australian dollars (131 million dollars or 113 million euros) to promote the use of electric and hydrogen vehicles, as part of a strategy to reach neutral emissions by 2050 .
Morrison, who in previous years had defended the powerful coal industry in his country, announced at the beginning of the climate summit held in the city of Glasgow his commitment to reach net neutral emissions by 2050, after receiving strong pressure international and within the country.
jc (efe, reuters)
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