Technology Investment Roadmap: Federal Government’s carbon emissions reduction plan to prioritise funding of new technologies research in favour of wind and solar

Scott Morrison’s new plan to make “deeper cuts” to carbon emissions through technology investment will move the Government away from funding wind and solar research and instead put cash in hydrogen, carbon capture and storage, and lithium development. Energy Minister Angus Taylor will on Friday deliver a major speech in Sydney which will outline the Federal Government’s soon to be released Technology Investment Roadmap which it will take to the Glasgow UN Climate Change Conference as part of its long-term emissions reductions plan. Mr Taylor will also use the speech to reject calls for the Government to adopt a target for net zero emissions by 2050. “Over 70 per cent of the world’s GDP has not set a net zero 2050 target,” Mr Taylor will say. “But if you look at many of those same countries — the US, China and India for example, they are excellent at adopting and exploiting technology advancements — that is the key for the world. “The Australian Government will take a technology-based Long-Term Emissions Reduction Strategy to Glasgow later this year.”He will also label “a target without a plan” meaningless. “If I could stand up today — announce a target and see the CO2 reduce — then I would,” he will say. “But sadly, a target without a plan is meaningless. It is the worst part of the emissions reduction debate.” Under the roadmap, “economic goals” will be set for new technologies. The aim will be for the private sector to invest $4 or $5 for every $1 the Government spends. Solar and wind research and development will not be invested in. “The Australian Government has already invested over $10.4 billion into more than 670 clean-technology projects with a value of $35 billion,” Mr Taylor will say. “But we are coming to an end of the value of these investments. “Wind and solar are economic as a source of pure energy at least. And the Government should not crowd out private sector investment. We must move our investments to the next challenges: hydrogen, carbon capture and storage, lithium and advanced livestock feed supplements to name a few.” Mr Taylor will argue Australia’s liquefied natural gas exports have the potential to reduce global emissions by up to 163 million tonnes. “They are doing that by displacing more emissions-intensive fuels overseas,” Mr Taylor will say. “It’s a peculiar feature ... that countries producing a product for another customer country wear the emissions associated with that product.” “Countries like Canada, NZ and Australia have suffered from this system, whereas Europe, which has pushed much of its manufacturing to China, has benefited.” The speech comes as Coalition MPs remain divided on whether to adopt a net-zero emissions by 2050 reduction target as has been adopted by Labor. While some moderate MPs want the target, conservative MPs a pushing for it to be ruled out.