They are going to invest $26 million to renewable energy.
At the round-table discussion Australia-Russia LNG/ Hydrogen Dialogue, experts met to discuss carbon footprint minimization on the account of natural-gas-based hydrogen production.
Australia has settled down on a carbonization path and is going to reach zero CO2 emission by 2050. For that, the government is investing $26 million to the carbon capture and storage technology to facilitate storing of about 7 million tons of carbon a year, said Peter Moore, Associate Professor from the Curtin University. The first step towards decarbonisation will be Australia’s fleet switching to liquefied natural gas with financial support from the state.
By 2050, Australia expects to invest 540 million AUD to carbon capture and storage facilities, and 560 million AUD to international collaborations. These investments will help the country to extend their hydrocarbon export limits by $50 billion by 2050 – this is the forecast announced by Andrew McConville, CEO of the Australian Petroleum Production & Exploration Association (APPEA).