Australia beefs up investments in bid to meet net zero: report
It is poised to make a $300m investment in CCUS projects in the next decade.
Australia is boosting investments as well as policies in pursuit of its 2050 net zero goals, GlobalData reported.
This comes as Australia agreed to invest some $300m in carbon capture, usage and storage (CCUS) projects over the next 10 years. This is on top of the current Gorgon Carbon dioxide Injection project and the Moomba carbon capture and storage project.
Australia has also adopted electric vehicles, developed ethanol facilities, and encouraged renewable refineries.
“Even though the country does not have a specific coal-phase-out policy, more plants are being decommissioned. This trend is to continue over the next decade, and thus the emissions from the thermal power sector will reduce gradually,” Tosin Coker, Upstream Analyst at GlobalData, said.
“As part of its strategy to reduce emission from thermal sources, the country currently has two renewable refineries in the works, one of which aims to produce 500,000 tonnes/annum of renewable fuels.”
Renewable energy capacity and generation in country, particularly in wind and solar energy, is expected to gradually increase. Renewable hydrogen can also help in the zero emissions target as it is projected to grow up to 8 million tonnes annually by 2030.
“Australia is making a number of steps to meet the zero emissions target, and as a result, the growth of renewable energy in the country is on the rise. However, lack of early policies, strategies and incentives have caused delay in adopting electric vehicles and renewable fuels,” Coker also said.