We’re harnessing Australia’s natural attributes – abundant sunshine, vast windy plains, and wave, tidal and hot dry rock geothermal energy – to power new energy solutions.
We’re also creating the right investment environment to commercialise new low emissions technologies. As part of the 2021-22 Budget the Government announced a further A$1.6 billion to bolster Australia’s position as a leader in low emissions technologies and to meet Australia’s emissions reduction targets, taking our total expected investment to more than A$20 billion over the decade to 2030.
This includes investing more than A$500 million towards:
- developing four additional hydrogen hubs in regional areas
- carbon capture, use and storage (CCUS) projects and hubs.
Capitalise on our IP protection, critical minerals deposits and investment in low emissions technologies such as hydrogen. Remanufacturing offers new opportunities with the increasing demand for sustainably-produced goods.
The Technology Investment Roadmap charts how new low emissions technologies can be commercialised through practical, scalable and commercially viable technologies such as hydrogen and energy storage.
Australia’s natural advantages also offer extensive development and investment opportunities including:
- microgrids and storage solutions
- future fuel technologies
- solar power
- wind power.
Our Emissions Reduction Fund provides incentives for a range of organisations and individuals to adopt new practices and technologies to reduce their emissions.
‘We have lots of sunshine, lots of wind, lots of land, but very importantly we have extraordinary depth of expertise at pulling off large resource projects – so we’re a trusted trading partner’ – Dr Alan Finkel, Special Adviser to the Australian Government on Low Emissions Technology Source: Advantage for Australia in the Hydrogen Market
Committed to renewables
We want to lead the renewables revolution in the same way we spearheaded the development and commercialisation of solar hot water heating. Renewable electricity generation has more than doubled over the last 10 years and, in the land of endless sunshine, we’ve achieved our 2020 renewable energy target of 33,000 gigawatt hours and deployed renewables. This is 8 times the global per capita average, and more than 4 times the OECD per capita average.
Australia is ranked 6th in the world on the Renewable Energy Country Attractiveness Index for renewable energy investment and deployment opportunities.
In 2020, renewable energy accounted for 26.6% of Australia's total electricity generation.
Australia has invested A$35 billion in renewables since 2017
Australia deployed new wind and solar PV at 8.5 times the global per capita average in 2020
Planning for the future
Climate Solutions Package
Our new, fully-costed package builds on existing successes and continues our investment in practical climate solutions.
The Climate Solutions Package will ensure farmers, businesses and Indigenous communities have ongoing opportunities to reduce emissions, derive additional value and provide direct, local benefits.
We’re serious about supporting Australian public servants to manage risks associated with a changing climate.
Climate Compass is a framework to mitigate the impact on policies, programs and asset management, including step-by-step instructions, guidance and information, building on the best climate change adaptation research and science.
The package includes:
- A$2 billion Climate Solutions Fund to reduce greenhouse gas emissions across the economy.
- continued support for the transition to reliable renewables through Snowy 2.0 and Battery of the Nation
- developing a National Electric Vehicle Strategy to ensure a smooth transition to new vehicle technology and infrastructure.
These new measures are expected to reduce emissions by 63 million tonnes by 2030.
Incentives, grants and support
- There are grants available under the Modern Manufacturing Strategy through the Department of Industry, Science and Resources aligned with the Recycling and Clean Energy National Manufacturing Priority Road Map.
- The Australian Renewable Energy Agency provides grant funding towards research and development and early-stage commercialisation of renewable energy technologies and projects.
- The Clean Energy Finance Corporation supports energy efficiency, renewable and low carbon energy projects through loans and equity investments.
- $2 billion Climate Solutions Fund to reduce greenhouse gas emissions, including benefits to farmers, small businesses and Indigenous communities.
- Incentives for organisations and individuals to adopt new practices and technologies to reduce their emissions through the Emissions Reduction Fund.
- The CSIRO also funds scores of projects to aid low-carbon energy transition.
- Financial incentives for renewable energy generation are also available under the Renewable Energy Target scheme, which is administered by the Clean Energy Regulator.
- The Australian Tax Office’s New Investment Engagement Service gives tailored guidance on tax issues to businesses planning significant new investments in Australia.