The Australian government will prioritize investment in five low-emission technologies to reduce greenhouse gas pollution, while continuing to avoid putting a price on carbon.
Hydrogen produced from renewables, electricity storage, low-carbon steel and aluminum production, carbon capture and storage, and soil carbon are the five areas selected for development. The government would prioritize these five technologies in its own investments, with USD $13 billion of funding over the next decade, while streamlining regulation and encouraging more private capital. It also announced a set of targets by which to measure progress.
Prime Minister Scott Morrison has said Australia will comfortably meet its Paris climate target of cutting emissions by 26% to 28% from 2005 levels by 2030.