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.
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.
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.
- 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.