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Australia to spend $1.4 billion on nascent renewable energy projects

"This will support our traditional industries – manufacturing, agriculture, transport – while positioning our economy for the future." Australia is one of the world's largest carbon emitters per capita due to its reliance on coal-fired power.

Reuters | Updated: 16-09-2020 18:00 IST | Created: 16-09-2020 18:00 IST
Australia to spend $1.4 billion on nascent renewable energy projects

Australia will invest A$1.9 billion ($1.39 billion) over the next 10 years in nascent renewable energy technology, Prime Minister Scott Morrison said on Wednesday, as Canberra accelerates spending in a bid to revive its ailing economy.

Australia slipped into its first recession in nearly three decades, while effective unemployment is expected to top 13%. Ahead of its annual budget to be delivered in early October, Morrison said it will include an allocation of A$1.9 billion for its technology investment agencies to spend on technologies such as clean hydrogen.

"The government will now focus its efforts on the next challenge: unlocking new technologies across the economy to help drive down costs, create jobs, improve reliability and reduce emissions," Morrison said in an emailed statement. "This will support our traditional industries – manufacturing, agriculture, transport – while positioning our economy for the future."

Australia is one of the world's largest carbon emitters per capita due to its reliance on coal-fired power. While Morrison is a strong supporter of coal, he said this week that gas would be central to supporting a recovery in manufacturing.

($1 = 1.3633 Australian dollars)


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