Energy Action : Technology to Support Australia's Net Zero Ambitions

The Morrison Government has set its sights on Australia achieving net zero by 2050, without explicitly committing to the target, at US President Joe Biden's recent climate summit.

In late April, the Prime Minister Scott Morrison said Australia is on track to meet and beat its obligations under the Paris Agreement with 'bankable' commitments. In a statement ahead of President Biden's summit, technology was put forward as the centrepiece of the plan to achieve the current emissions target of 26 to 28 per cent below 2005 levels by 2030.

Morrison emphasised that his government is focused on delivery, that 'for Australia, it is not a question of it or even by when for net zero, but importantly how', and cited the rapid uptake of solar and a number of 'world class pioneering Australian companies', like Fortescue, Visy, BHP and AGL, leading the way on emissions reduction.

Australia's climate change strategies

The Technology Investment Roadmap is the core strategy Australia is bringing to the 26^th UN Convention on Climate Change in Glasgow later this year. Through the initiative, the Government intends to invest $18 billion over the next decade into low emissions technologies, and support 130,000 jobs by 2030.

Prior to Biden's climate summit, and as part of the Roadmap, the Federal Government announced a new $565.8 million commitment to make low emissions technology cheaper and create up to 2,500 jobs.

Through a new series of local and global technology partnerships, and the aim to jointly innovate with the private sector, the Government hopes to pull in $3 to $5 of co-investment for every dollar invested.

In his remarks to Biden's summit, Morrison cited Australia's ambition to produce the 'cheapest clean hydrogen in the world, at $2 per kilogram Australian', likening the development of Australia's 'Hydrogen Valley' to Silicon Valley, where the aim is to transform mining, manufacturing, fuel and energy production.

Among a number of initiatives in the pipeline, the Federal Government announced $275 million for four new hydrogen hubs, and $263.9 million on carbon capture and storage, as part of its National Hydrogen Strategy. Energy and Emissions Reduction Minister Angus Taylor said the government is committed to give priority to technologies, stored carbon, low emissions from aluminium and steel, hydrogen, and carbon capture and storage.

Private sector moving apace

The Government's announcement for the nation's net zero aspirations follows a range of large Australian businesses announcing their plans to achieve net zero. This includes Coca-Cola Amatil recently committing to 100 per cent renewable electricity for its operations across six countries by 2030, and in Australia and New Zealand by 2025.

At Energy Action we are working with a range of businesses to help them achieve net zero through measuring their carbon impact and implementing a multi-staged process to reducing those emissions. This includes driving energy efficiency, switch to on-site renewable energy and the procurement of offsite renewable energy among other initiatives.

If you would like to discuss your company's pathway to net zero, please contact your Account Manager at Energy Action on 1300 964 589.