Photo: Brook Mitchell / Getty Images
By: EFE
Sunday, October 6
Australia announces millionaire fund for carbon capture technology
The Australian government announced the c reaction of a millionaire fund to boost investment in companies that develop new low emission technologies in the oceanic country, including carbon capture and storage.
The Canberra Executive will allocate some $ 369, , 000 dollars to the Green Energy Finance Corporation to be allocated to this new Low Emission Technologies Marketing Fund, according to a statement from the Prime Minister’s office.
The Scott Morrison government expects the private sector to match the amount to be invested in this fund for the development of low-emission and carbon capture technologies.
“ Australia can become a world leader in creating low-end technology emissions that is affordable and scalable, which contributes to reducing emissions while creating jobs, “said Prime Minister Scott in a statement. Morrison, who is seeking reelection in the next elections to be held before May 2022 .
To create the new fund, Morrison will have to ask the Parliament of Canberra to modify the Green Energy Financing Corporation Act , which operates as a bank and which until now can only invest in proven and non-experimental technologies, such as carbon capture and storage.
This law governing the Corporation created by the government of Labor Julia Gillard (2010 – 13) and that the Morrison-led coalition government tried to dismantle, specifically prohibits investment in carbon capture and storage because it involves a dependency in the fossil fuel industry, according to the specialized energy portal Renew Economy.
The new fund “will address gaps in the Australian market , where small and complex emerging companies are currently focused on in technology can be considered too risky to be financed “, stressed the Australian Minister of Energy, Angus Taylor.
The day before, the Australian government announced another fund of $ 131, , 03 of dollars to promote the use of electric and hydrogen vehicles, as part e of a strategy to achieve neutral emissions for the 2050.
Morrison, who in previous years had defended the powerful coal industry in his country, announced at the beginning of the climate summit held in the city of Glasgow his commitment to reach the net neutral emissions for the 2050, after receiving strong international and domestic pressure.
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