A centre piece of the Energy White Paper was a A$500 million fund to stimulate greater investment in demonstrating low emission technologies. The initiative is expected to drive total investment of more than $1.5 billion in low emission technologies, including conventional fuel sources.
All energy technologies will potentially be eligible for assistance over a 15 year period to demonstrate commercial viability. To qualify, technologies must have the ability to deliver significant greenhouse abatement with commercial uptake in the long-term. Technologies considered include coal-fired generation with geosequestration.
The $500 million was in addition to $27 million to support low-emissions technologies and practices and $203 million in ongoing funding for low-emissions technology through continuing the rollout of the Greenhouse Gas Abatement Programme.
The Australian Coal Association (ACA) welcomed the policy as being good for the economy and the environment and noted it was consistent with the recommendations of the COAL21 National Action Plan.
“To meet growing energy demand, coal will continue to dominate our electricity mix for the foreseeable future. Technologies like coal gasification and carbon dioxide capture and storage will be crucial for reducing emissions in coming decades, along with increased use of renewables and improved energy efficiency,” said ACA executive director Mark O’Neill.
The Queensland Resources Council (QRC) also welcomed the launch, stating policy would ensure significant funding was available for projects such as the further development of technology required to make geosequestration a real option for Australia’s power industry.
“The resources sector has always maintained that the solution to reducing greenhouse gas emissions is not about making a choice between renewables and non-renewables, but rather focusing on moving from high emissions to low emissions,” said QRC chief executive Susan Johnston.
