Canberra, May 21 (IANS) The Australian government on Thursday released a landmark roadmap for investment in emissions reduction technology.
Angus Taylor, the Minister for Energy and Emissions Reduction, released the long-awaited Technology Investment RoadMap on Thursday, setting out Australia's energy priorities, reports Xinhua news agency.
The paper considered more than 140 low-carbon technologies and identified priorities for short, medium and long-term objectives.
“We will back technologies that will strengthen the economy and not get ideological about where emission reductions come from,” Taylor told News Corp Australia.
“The goal of this road map is to bring a strategic and system-wide view to future investments in low-emissions technologies.
“At its core, this is about technology, not taxes. It means reducing emissions, not reducing jobs and the economy. It is an approach based on rigour, discipline and optimism, not ideology,” he said.
Among the technologies considered were carbon capture and storage (CCS), hydrogen and biofuels.
According to the document, the development of a hydrogen industry in Australia would create 7,600 jobs by 2050.
It acknowledged the potential of nuclear power but warned of the cost and environmental factors.
The paper said that while renewables were the cheapest option questions remained over their reliability.
It said that liquefied natural gas (LNG) would play an important role “balancing” renewable energy sources.
“Flexible gas capacity will continue to play a crucial role in supporting variable renewable energy, alongside continuing growth in energy storage, demand management and innovative grid technologies as alternatives,” the document said.
“As the world's largest LNG exporter, all of these factors will have implications for Australia's domestic gas market and export opportunities over the long term.”
Taylor said he would outline the roadmap's long-term goals by the end of September and release a emissions reduction strategy soon after.