The following is a summary of the key points made in the Government’s Climate Change policy statement:

• The Government will invest more than $20 billion in low emissions technologies by 2030, helping to secure over $80 billion in total investment from the private sector and state governments.
• 40% 0f reductions will rely on new international technologies or new innovations in Aust.
• Potential new funding to be provided through the Emissions Reduction Fund
• Expecting soil carbon and carbon capture and storage to achieve up to 278% emission reduction (seems very optimistic)
• Australia’s coal and gas export industries will continue through to 2050 and beyond, supporting jobs and regional communities
• Analysis for the Plan shows that hydrogen, renewable energy and minerals like lithium could create more than 100,000 new direct jobs by 2050
• No detail on how will collaborate with international partners to extend new technologies
• Technology Investment Roadmap will drive direction of future investment – no commitment to additional investments but commitment to no reduced investment in fossil fuel
• The roadmap is expected to guide at least $20 billion of Australian Government investment in low emissions technologies over the decade to 2030.
• Livestock feed supplements and low emissions cement are two emerging low emissions technologies that show promise for prioritisation.
• Australia is set to become a world-leading clean hydrogen producer and exporter. Will also help de-carbonise domestic transport industry and mining sector.
• Aust Govt has invested to date in the following areas
  • developed a domestic Hydrogen Guarantee of Origin scheme and helped shape the design of international methodologies for measuring hydrogen production emissions
  • provided more than $300 million in funding for research, development and demonstration activities.
  • $464 million over five years from 2021–22 for the Activating a Regional Hydrogen Industry: Clean Hydrogen Industrial Hubs program
  • Improved capital access through CEFC for new energy storage technologies
• Livestock feed supplements identified as a potential new technology for reducing methane emissions
• The Government is making substantial investments in local regional communities. Nearly 1,300 local projects have been funded through five rounds of the Building Better Regions Fund
• The Australian Government has allocated $100 million to the new Regional Recovery Partnerships initiative

Summary

1. The Government is relying heavily on history repeating itself in the faster adoption of new technologies than initially predicted (eg solar uptake – despite government intransigence)
2. There are no new funding commitments. The aim is to re-vamp existing budgets over time
3. The two bigger bets supported by the government are in clean hydrogen and carbon capture & storage
4. Hidden promise to the Nationals looks like new payments to farmers for  carbon soil projects using their land to capture/abate carbon emissions (paying again for things funded previously such as tree planting?).
5. No obvious new funding for R&D projects despite the reliance on new technologies to close the gap to reach net zero emissions.