$565m to fund low emission technology

AUSTRALIA is putting $565m on the table to team up with other countries to fasttrack low emissions technology including green steel, batteries and even small modular nuclear reactors.

Prime Minister Scott Morrison will unveil the cash injection — forecast to create up to 2500 jobs — before participating in US President Joe Biden’s climate leaders summit from Thursday night.

Mr Morrison hopes to leverage $3-$5 for every dollar Australia invests in partnership with countries such as the US, UK, Germany, Japan and Korea. He said he wanted Australia to lead the world in developing low-emissions technology.

“We want to stay ahead of the curve by working with international partners to protect the jobs we have in energy-reliant businesses, and create new jobs in the low emissions technology sector,” Mr Morrison said.

“As we look to take advantage of these new export opportunities, we won’t look to reduce our own emissions by shutting down our existing export industries like agriculture, aluminium, coal and gas.”

The new investment, to be delivered over eight years, comes on top of $539m committed on Wednesday to new hydrogen hubs and carbon capture projects.

It will be targeted at the priorities of the government’s technology investment road map, including soil carbon measurement for farmers, lowcarbon production of steel and aluminium, and low-cost and longer-lasting battery storage.

Former chief scientist Dr Alan Finkel, now Mr Morrison’s special adviser on lowemissions technology, has already engaged with the European Commission, Denmark and Austria, with India, Canada and New Zealand also seen as potential partners.

Energy and Emissions Reduction Minister Angus Taylor said the prioritised technologies could “substantially reduce or eliminate emissions from sectors that account for 90 per cent of global emissions”.