Australia’s Prime Minister, Scott Morrison, announced that a $740 million fund will be established to invest in companies developing low-emissions technologies as part of the country’s goal of achieving net-zero carbon emissions by 2050. According to the reports, the Australian federal government will provide $365 million to the fund, which will be matched by private investors. The funding would be used to help start-up companies develop technology such as carbon capture and storage.
The federal government will need to adopt new legislation to allow the government-owned green bank, the Clean Energy Finance Corp, to fund carbon capture and storage, which is now prohibited under its rules. The plan would be considered by the opposition Labor Party, which opposes diverting renewable energy subsidies to carbon capture and storage (CCS). CCS captures emissions and buries them beneath the ground. While supporters see the technique as a key to unlocking large-scale, cost-effective hydrogen generation, detractors argue that it would just extend the life of polluting fossil fuels. Australia is heavily reliant on coal and gas exports, and previous attempts by governments to pass legislation to decrease carbon emissions have failed, with two prime ministers being deposed by their own parties.
In October 2021, New Horizons Ahead, previously known as Engie EPS, was awarded a 200 MWh battery energy storage system (BESS) project in Australia. According to a company statement, the project’s building phase will begin immediately at an undisclosed location for an unnamed customer, with completion expected by the end of 2022. Furthermore, an engineering, procurement, and construction counterparty contract was already signed at the beginning of October 2021.
