History shows that we solve hard problems through enterprise and innovation. The Newcomen steam engine, the Haber-Bosch process and the agricultural Green Revolution are all examples of overcoming great challenges through technological progress.
The global race to reduce emissions will be no exception.
That’s why the Government’s emissions reduction strategy is focussed on technology not taxes.
The Technology Investment Roadmap is first and foremost a research and development strategy.
Existing, proven technologies like coal, gas, solar and wind will play important roles in Australia’s energy future, but are not the focus of the Roadmap. The Government will continue to invest in mature technologies where there is a clear market failure, like a shortage of dispatchable generation, or where these investments secure jobs in key industries.
But the Roadmap recognises that widespread deployment is primarily driven by the private sector, with a targeted role for public investment.
The Government’s efforts will focus on new and emerging technologies with the potential for transformational economic and emissions outcomes, in Australia and globally.
We will enact change by:
- Accelerating technology development through an investment and incentives framework that spans from research and development to pre-commercial deployment
- Enabling our agencies to invest in the next generation of technologies through a legislative and regulatory reform package
- Working together with our trading partners, because delivering global outcomes requires international collaboration.
Amara’s law dictates that we tend to overestimate the impact of technology in the short term, yet underestimate it in the long run. That is why the Government will refine its approach over time through future Low Emissions Technology Statements.
These will be tabled in Parliament each year, detailing the impact of our investments and our progress towards clearly-defined priority technology stretch goals.
Getting these technologies right will create jobs, and preserve and expand our energy-intensive export industries. We will beat our 2030 emissions reduction target, with a platform for future emissions reductions beyond the next decade.
This technology-led approach won’t compromise energy affordability or reliability, and will position Australia as a global technology leader.
I express my sincere appreciation to Australia’s Chief Scientist, Dr Alan Finkel, and the other members of the Ministerial Reference Panel: Alison Watkins, Ben Wilson, Drew Clarke, Grant King, Shemara Wikramanayake and Jo Evans. This Statement benefitted greatly from their expert advice and insight.
The Hon Angus Taylor MP
Minister for Energy and Emissions Reduction