Government looks to invest 500 million on more carbon capture and storage technology
It would provide seed capital to the Labor Gillard government-era green bank on the grounds its remit includes carbon capture and storage technology yet to be shown to work at scale.
This is not the first time the government has tried to expand the Clean Energy Finance Corporation Act to include carbon capture and storage.
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Last year, it flagged a $1 billion expansion of the remits of the CEFC and Australian Renewable Energy Agency to invest in gas and loss-making energy projects.
Carbon capture and storage has been criticised by the likes of mining magnate Andrew "Twiggy" Forrest as an unproven failure.
The rest of the money for the new low emissions commercialisation fund is expected to come from the private sector.
"It will address a gap in the Australian market where currently small, complex, technology-focused start-ups can be considered to be too risky to finance," Energy Minister Angus Taylor said.
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The government lists examples including renewable-powered carbon capture and storage, lower emissions steel and aluminium as well as advancements in battery storage, soil carbon and solar panels.
"Australia can become a world leader in creating low emissions technology that is both affordable and scalable, helping get emissions down while creating jobs," Prime Minister Scott Morrison said.
He expects the investment to create more than 160,000 jobs this decade and leverage between $3 and $5 dollars for every dollar spent or up to $126 billion in public-private investment.
It comes after the government launched $500 million in "future fuels" funding aimed at installing infrastructure needed to get 1.7 million electric vehicles on the road by 2030.
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