First Low Emissions Technology Statement – 2020. History shows that we solve hard problems through enterprise and innovation. The Newcomen steam engine, the Haber-Bosch process and the agricultural Green Revolution are all examples of overcoming great challenges through technological progress.
The global race to reduce emissions will be no exception.
That’s why the Government’s emissions reduction strategy is focussed on technology not taxes.
The Technology Investment Roadmap is first and foremost a research and development strategy.
Existing, proven technologies like coal, gas, solar and wind will play important roles in Australia’s energy future, but are not the focus of the Roadmap. The Government will continue to invest in mature technologies where there is a clear market failure, like a shortage of dispatchable generation, or where these investments secure jobs in key industries.
But the Roadmap recognises that widespread deployment is primarily driven by the private sector, with a targeted role for public investment.
The Government’s efforts will focus on new and emerging technologies with the potential for transformational economic and emissions outcomes, in Australia and globally.
Amara’s law dictates that we tend to overestimate the impact of technology in the short term, yet underestimate it in the long run. That is why the Government will refine its approach over time through future Low Emissions Technology Statements.
These will be tabled in Parliament each year, detailing the impact of our investments and our progress towards clearly-defined priority technology stretch goals.
Getting these technologies right will create jobs, and preserve and expand our energy-intensive export industries. We will beat our 2030 emissions reduction target, with a platform for future emissions reductions beyond the next decade.
Read the full report here.