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Our vision

Flowchart of what the vision looks like. Text description provided immediately after image.

A prosperous Australia, recognised as a global low emissions technology leader

With the help of government and private investments, the big technology challenges are:

  • Delivery of more affordable, clean and reliable energy to households and industry for transportation, heating, production and power.
  • Expanding production and increasing productivity, creating jobs and substantially reducing emissions from Australia’s primary industries.
  • Preserving and expanding onshore manufacturing of energy-intensive products and capturing new export markets for low emissions commodities.
  • Scaling geological and biological sequestration to provide globally significant permanent sequestration of CO2.

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Strategic intents

Accelerate the development of new and emerging technologies by making them economically competitive with established technologies, unlocking new opportunities across the country.

Build on our existing role as a trusted exporter of energy, resources and agricultural products, and secure continued prosperity in a low emissions global economy.

Realise our vision through a lasting partnership between industry, investors, researchers, governments and the broader community to:

  • preserve and create jobs, capture new opportunities and revitalise Australia’s regional economies
  • lower household living expenses with abundant, clean and low-cost energy
  • build competitiveness by leveraging our comparative advantages
  • attract and retain the best minds in priority low emissions technology research fields.

Highlights

Priority technology stretch goals

  • Clean hydrogen for under $2 per kilogram
  • Energy storage: electricity from storage for firming under $100 per MWh. This would enable firmed wind and solar at pricing at or below today's average wholesale electricity price
  • Low carbon materials: low emissions steel production under $900 per tonne and low emissions aluminium under $2,700 per tonne
  • CCS – CO2 compressions, hub transport and storage for under $20 per tonne of CO2
  • Soil carbon measurement for under $3 per hectare per year

Anticipated impacts from the priorities

  • Overachieve on our Paris Agreement commitments, with a pathway to deeper emissions reductions beyond 2030
  • Support over 130,000 jobs by 2030 with more than half in regional communities
  • Preserve and expand employment in our energy-intensive manufacturing sectors
  • Avoid in the order of 250 million tonnes of emissions per year by 2040 through deployment of priority technologies at home and Australia's low emissions exports
  • Significantly reduces global emissions from energy, transport, industry and agriculture if priority technologies achieve widespread deployment. These sectors account for around 90% of emissions and emit approximately 45 billion tonnes of CO₂ each year.

Public-private partnership

  • Aim to catalyse $3–$5 of new investment for each dollar of commonwealth funding to achieve $50 to $100 billion in new investment domestically over the decade to 2030
  • A technology investment framework to improve coordination of delivery agencies – ARENA, the CEFC and CER – towards national technology priorities and expected Government investment of $18 billion in low emissions technologies over the decade to 2030
  • Retain arena on the frontline of direct government investment in low emissions technologies, playing a central role in delivering Roadmap priorities. New funding for the CEFC to support grid reliability
  • Arena working with the cefc and other agencies to develop a goal-oriented program for priority low emissions technologies like low emissions steel, low emissions aluminium, and energy storage
  • Establish Australia’s first regional hydrogen hub co-locating domestic hydrogen users with an export focus to create global hydrogen supply chain linkages
  • Scale CSS to support emissions reduction from power generation, oil and gas extraction, natural gas processing, industry or hydrogen production

Government action towards our vision

Investment and incentives framework

  • Stretch goals are a clear signal to the private sector on where the Government will focus its efforts.
  • The Government’s investment and incentives framework spans from research and development to pre-commercial deployment: from ARENA to CEFC and through to the Emissions Reduction Fund.
  • Government will enter into international partnerships to collaborate on priority technologies.
  • Commonwealth-State deals will leverage greater co-investment towards Low Emissions Technology Statement priorities

Legislative and regulatory reforms

  • Additional flexibility for ARENA and the CEFC will enable them to invest in the next generation of energy technologies and support emissions reductions across all sectors of the economy.
  • Actions to strengthen the enabling environment and remove regulatory barriers.
  • Government’s approach to regulation will respect consumer choice and trust households and businesses to adopt new technologies as they approach parity.

Institutions and governance

  • A permanent Technology Investment Advisory Council – including ARENA, the CEFC and CER – will advise on the preparation of future Low Emissions Technology Statements.
  • These Statements will be tabled in Parliament.
  • ARENA and the CEFC’s investment mandates will be updated to reflect the Statement priorities

Monitoring, transparency and impact evaluation

  • Future Low Emissions Technology Statements will report on progress towards priority technology stretch goals.
  • Impact evaluation will be supported by regular reporting from key agencies.
  • Investment, regulatory and legislative frameworks will be reviewed annually to ensure their alignment with priority technologies.
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