National Innovation pathway
Australia’s national innovation pathway will compile recently announced policy and strategy establishing our investments towards clean energy and decarbonising hard to abate sectors through RD&D and encouraging private sector investment. This will be led by the Department of Industry, Science, Energy and Resources.
Australia’s technology-led approach will reduce the cost of new and emerging technologies to achieve economic competitiveness with existing business methods without raising the cost of existing technologies.
The Low Emissions Technology Roadmap and annual Statements form the cornerstone of Australia’s technology-led approach to reduce emissions while addressing the issues affecting consumers and businesses globally, including supply of affordable energy and supporting transformation of energy-intensive industries.
Under the Roadmap, annual low emissions technology statements will guide, track and measure the impact of Australia’s investments in new energy technologies. The first Low Emissions Technology Statement was released in September 2020. The statement outlines five priority low emissions technologies based on their potential to deliver abatement and economic outcomes, their alignment with Australia’s comparative advantage and technological readiness. The Statement sets stretch goals that aim for low or zero emissions technologies to reach cost parity with existing alternatives. The goals (as relevant to Mission Innovation) are:
- Clean hydrogen under $2 per kilogram.
- Energy storage – electricity from storage for firming under $100 per MWh – this would enable firmed wind and solar at or below today’s average wholesale electricity pricing.
- Low carbon materials – low emissions steel production under $900 per tonne, low emissions aluminium under $2,700 per tonne.
- Carbon capture and storage (CCS) – CO₂ compression, hub transport, and storage under $20 per tonne of CO₂.
Lastly, we have established a permanent Technology Investment Advisory Council to provide independent and expert advice, and support the delivery of annual technology statements. Annual statements will review the implementation of the stretch goals, adjust goals as new information emerges and decide when to elevate new emerging technologies onto the priority list.