At a recent CEDA event, Minister for Energy and Emissions Reduction Angus Taylor released plans for a technology roadmap, highlighting the importance of investing in energy technology to reduce emissions in Australia and abroad.
The roadmap, which will be released in due course, will provide guidance to the public and the private-sector on what future energy and emissions-reduction technologies the Government will prioritise. Dr Alan Finkel has agreed to be the chair of the Technology Investment Roadmap Ministerial Reference Group.
Mr Taylor said there are world leading investments made in wind and solar in Australia – $9 billion last year and a similar amount this year – and the challenge for these sectors now is to address complementary storage and back-up, as well as to address connectivity to the grid.
“Complementary investments in back-up and storage, particularly flexible gas, pumped hydro, and transmission are now critical to the future success of these sectors, which is our focus through the Grid Reliability Fund and the Underwriting New Generation Program.”
Mr Taylor acknowledged the importance of natural gas in the future energy mix, which also will include hydrogen, batteries and carbon capture and storage to complement renewable energy.
“Our LNG exports have the potential to reduce global emissions by up to 163 million tonnes and we have grown the largest LNG export sector in the world in around a decade.”
“Those exports are reducing emissions by displacing more emissions-intensive fuels overseas.”
The roadmap centres on a long-term “bottom up” strategy to move high technology projects to commercial status as quickly as possible, firming up the path to a sustainable energy future.
APPEA Chief Executive Andrew McConville said reducing global emissions is a global effort, and Australia is doing its part through many channels, including LNG exports which can substitute gas for more emissions-intensive fuels.
“Natural gas is enabling the shift to renewables and will continue to do so for decades.”