Government’s $1b renewables technology fund allowing carbon capture, storage angers climate advocates

The Federal Government’s mooted billion-dollar investment fund for renewable energy projects has excited the tertiary and resources sectors but left others cold. Under the proposal, the Government would inject $500 million into its Clean Energy Finance Corporation and combine that with $500m from private sector investors in a bid to push Australia towards a net zero carbon emissions target. Prime Minister Scott Morrison has repeatedly stated “technology, not tax” will lead Australia to reach the goal. Little other detail of the fund is yet available; the Government still needs to draft legislation and have it pass Parliament. “The investment by the Government is certainly in the right direction,” executive Dean of Edith Cowan University’s school of engineering Daryoush Habibi said. “With renewable energy and reducing emissions, no single solution is going to answer every challenge we are currently facing.” Speaking as ECU on Wednesday launched three new laboratories, two of which would focus on research into renewable and sustainable energy, Professor Habibi said it was vital research into the sector was championed given many technologies were in their infancy. He hoped the Government’s announcement would encourage industry partners to work with the tertiary research sector to further efforts towards widespread adoption of renewable energy. Already proving controversial is the possibility that the Government’s fund would support carbon capture and storage; the concept has plenty of opposition amid allegations it allows fossil fuel producers to greenwash. Former prime minister Malcolm Turnbull has described it as “a scam and con ... a proven failure”. Energy minister Angus Taylor would not rule out specific technologies from being included. “We’re interested in any technology that can commercially bring down emissions,” he told ABC Radio. “We don’t want to pick and choose a technology on some kind of ideological basis – anything that can work. It’s a sensible proposal.” The Prime Minister said “can-do capitalism” would lead Australia’s climate action, not “governments seeking to control people’s lives”. Low Emission Technology Australia, formerly known as Coal21, said the commercialisation of low emissions technologies was a step forward. “Our focus is on investing in projects that can reduce and remove emissions from hard-to-abate industries that we rely on every day; for example power generation, cement, steel and chemicals manufacturing and fertiliser production,” chief executive Mark McCallum said. Minerals Council of Australia chief executive Tania Constable said the Government’s planned initiative “adds to the nation’s arsenal”. “(We) see the focus on developing and deploying low emission technologies as the best way to meet Australia’s goal of net zero emissions by 2050.” she said. Business Council of Australia chief executive Jennifer Westacott said the fund would help businesses lead the net zero transition. “Our most critical goal is delivering net zero emissions with more jobs and supporting the regions, so we’ll need to take advantage of every innovation to get us there,” she said. The Australian Conservation Foundation warned against allowing the new fund to be used for carbon capture and storage. “To extend the life of fossil fuels would hold back the transition to clean energy and lock in more climate damage, worse heatwaves, more devastating bushfires and more unpredictable extreme weather events,” chief executive Kelly O’Shanassy said.