Australia’s Prime Minister Scott Morrison launched a $738 million investment fund to track low emissions technologies like carbon capture and storage. He expects the private sector will match his administration’s contribution to the fund.
“Australia can become a world leader in producing low-emissions technology that is both affordable and expandable,” Morrison said in a statement. The government wants the fund to be managed by the Clean Energy Finance Corp., a government-owned green bank built to boost investment in the clean energy sector. But that will demand a change in the law as the firm can only invest in technologies that have short-term potentials like wind and solar. It can’t invest in technologies with longer-term possibilities like carbon capture and storage.
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The government’s new policy to decrease Australia’s carbon emissions comes after PM Morrison was criticised at the Glasglow climate discussions for failing to set determined targets for 2030. Australia is planning to lessen emissions by 26 per cent to 28 per cent below 2005 levels. PM Morrison declared a $185 million plan that can result in 30 per cent of new passenger and light commercial truck sales, which are electric by 2030. The transport sector is a primary reason why Australia is one of the world’s worst greenhouse gas issuers.