Today, the Australian Government announced a further $1.6 billion to fund priority clean technologies.
Building on our #EarthDay announcements, we’re also delivering:
- A world-leading clean technology venture capital fund. To get it started, we'll invest $50 million to establish a new unit within the Australian Renewable Energy Agency to support Australian clean tech innovation. It will build on the success of Australia as the home of the world's leading green bank.
- A new crediting mechanism in our domestic carbon market. Building on expert recommendations, we'll invest around $280 million to establish a new below baseline crediting mechanism to help large industrial facilities reduce energy consumption and emissions while improving productivity and international competitiveness.
- A new National Soil Carbon Innovation Challenge. To drive down emissions in agriculture, we'll invest around $60 million to support a National Soil Carbon Innovation Challenge to trial new agricultural feed technologies that reduce emissions from livestock.
- Over $26 million to help Australian businesses and supply chains reduce energy costs through more energy efficient industrial equipment and business practices;
- Over $10 million to expand the range of certifications offered by our Climate Active program and certification scheme.
- Over $14 million to strengthen our National Greenhouse and Energy Reporting Scheme.
Australia is on the pathway to net zero and our goal is to get there as soon as we possibly can, and preferably by 2050.