Why this is important to Wisconsin businesses: A new Technology Investment Roadmap outlines spending plans and priorities.
In May 2020, Australia’s minister for energy and emissions reduction, Angus Taylor, announced the Australian government’s plans to develop a national Technology Investment Roadmap.
The roadmap provides a framework to prioritize investments in new and emerging low emissions technologies focusing on short-, medium- and long-term goals across three key areas: electricity generation; built environment, transportation, industry, agriculture and land; and new opportunities.
The government has indicated that it expects to spend more than $18 billion AUD ($12 billion USD) on low emissions technologies by 2030 and will deliver the investment through its clean energy agencies: Australian Renewable Energy Agency (ARENA), Clean Energy Finance Corporation (CEFC) and the Clean Energy Regulator.
Priorities for investment in each of the identified key areas include:
- Maintaining and expanding Australia’s deployment of renewable energy generation (solar, wind and hydropower) through corresponding investments in flexible generation and energy storage, network augmentation, frequency and voltage control technology
- Boosting energy productivity, improving soil carbon capture and reducing methane emissions in the agriculture industry, the electrification of transport and developing solutions for sectors where carbon emissions are more difficult to abate
- Establishing a hydrogen industry in Australia by 2030 (see Australia's National Hydrogen Strategy released in November 2019)
With the assistance of industry experts, the government has committed to updating its priorities for the investment strategy on a yearly basis. In September 2020, Australia’s First Low Emissions Technology Statement was released outlining the government’s first set of priority areas, with corresponding economic stretch goals. The first set of priority areas are clean hydrogen, energy storage, low-carbon materials, carbon capture and storage, and soil carbon measurement.
The current focus on investing in low emissions technologies may present opportunities for Wisconsin businesses with expertise in solutions that offer affordability, security, reliability and emissions benefits in the priority areas above. Australia is still an immature market where organizations and governments are open to looking at new and innovative solutions from international markets, and tenders are frequently open to international responses.
To engage with the sector, we recommend that Wisconsin companies look to engage with relevant government agencies, industry associations, nonprofits and lobbying groups, and register with AusTender to receive notifications for tenders in the sector. Companies are also encouraged to review the following: