Australia’s prime minister on Wednesday launched a billion Australian dollar (USD 738 million) investment fund to fast track emerging low emissions technologies including carbon capture and storage as he bolsters his conservative government’s green credentials ahead of elections due within months.
Prime Minister Scott Morrison expects the private sector will at least match his government’s AU$500 million ($369 million) contribution to the fund.
“Australia can become a world leader in creating low-emissions technology that is both affordable and scalable,” Morrison said in a statement.
The ruling conservative coalition wants the fund to be administered by the Clean Energy Finance Corp., a government-owned green bank that was established to increase investment in the clean energy sector.
But that would require a change in the law because the corporation can only invest in technologies that have proved to work in the short term such as wind and solar. It cannot invest in more experiment technologies with longer-term potential such a carbon capture and storage.