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- The Morrison Government will establish a new $1 billion technology fund to increase investment in Australian companies creating breakthrough low-emission technologies
- The fund plans to bring together $500 million in new finance for the Clean Energy Finance Corporation (CEFC) and $500 million from private sector investors
- Carbon capture and storage, hybrid energy systems at mining sites and the production of clean hydrogen are technologies that could be supported by the fund
- Opposition Leader Anthony Albanese told Sky News this morning that the policy “lacks a great deal of substance”
The Morrison Government will create a new $1 billion technology fund to boost investment in Australian firms developing breakthrough low-emission technologies.
The Low Emissions Technology Commercialisation Fund will bring together $500 million in new finance for the Clean Energy Finance Corporation (CEFC) and $500 million from private sector investors.
Prime Minister Scott Morrison said the fund will assist Australian early-stage enterprises in developing innovative technology.
“Our plan to reach net zero by 2050 is an Australian one that’s focused on technology not taxes and this Fund backs in Australian companies to find new solutions,” the Prime Minister said.
“Australia can become a world leader in creating low emissions technology that is both affordable and scalable, helping get emissions down while creating jobs.
“We are backing Australian businesses by creating an environment for their successful ideas to thrive in contrast to Labor’s approach to always wanting to tax success.”
During this parliamentary term, the government will present legislation to create the fund. The government anticipates the fund to generate a profit for taxpayers.
Carbon capture and storage, hybrid energy systems at mining sites and the production of clean hydrogen are examples of the technologies that could be supported by the fund.
Opposition Leader Anthony Albanese told Sky News this morning that the policy “lacks a great deal of substance.”
“It’s all about style and all about spin,” he said.
“If the Prime Minister comes forward with serious policy with grunt, without trying to talk about the Clean Energy Finance Corporation, the very body that he tried to abolish, as if he’s now a supporter. It’s a bit like his EV policy. It fails the laugh tests.”
Angus Taylor, Minister for Industry, Energy and Emissions Reduction, said the fund underlines the government’s commitment to achieving net zero emissions via technological investments.
“The fund will support Australian innovators to develop their intellectual property and grow their businesses in Australia,” Mr Taylor said.
“It will address a gap in the Australian market, where currently small, complex, technology-focused start-ups can be considered to be too risky to finance.
“Together with other new initiatives, like the increased investment in establishing seven Clean Hydrogen Industrial Hubs around Australia, today’s announcement brings our commitment to more than $21 billion of public investment in low emissions technologies by 2030.”
Minerals Council of Australia CEO Tania Constable welcomed the move, claiming the fund will play an important role in driving developing technologies.
“By addressing an investment gap facing these new technologies, the fund will allow these to be properly developed,” she said.
