The federal government will contribute A$500 million to the fund, which will be matched by private investors and used to support early-stage companies developing technologies such as carbon capture and storage.
Australia will establish a $1 billion ($740 million) fund to invest in companies that develop low-emissions technology, Prime Minister Scott Morrison announced on Wednesday, as the country seeks to reduce carbon discharges and achieve net-zero targets by 2050.
The plan proposes that the federal government contribute A$500 million to the fund. Which will be matched by private investors and used to support early-stage companies developing technology such as carbon capture and storage.
“Our strategy to achieve net-zero by 2050 is an Australian one that’s focused on technology rather than taxes, and this fund supports Australian companies as they develop new solutions,” Morrison said in a statement.
The federal government methods to introduce law to create the fund. Which will allow the Clean Energy Finance Corp to help carbon capture and storage, which is not authorized under its current terms.
The announcement comes a day next the federal government allocated A $178 million to speed the rollout of hydrogen refueling stations and electric vehicle charging stations.
Australia, which relies significantly on coal and gas exports, has been focusing on carbon capture and storage and hydrogen development to assist cut emissions while still allowing gas and coal to be used.
To appease international criticism, Australia announced last month that it would target net-zero carbon emissions by 2050 but would not legislate the target and instead rely on consumers to drive emission reductions.
Source: NDTV NEWS
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