PM Scott Morrison announced on Thursday that Australia would invest A$565.8 million ($436.5 million) to co-fund renewable technology research and pilot programs, as part of Canberra’s efforts to demonstrate its contribution to cutting carbon emissions. As U.S. President Joe Biden hosts a climate summit this week, Australia, one of the world’s highest carbon emitters per capita, is under increasing pressure to reduce greenhouse gas emissions.
Although Morrison has rejected international calls to agree to a net-zero emissions target by 2050, citing the possibility of harming Australia’s economy. He announced on Thursday a A$565.8 million co-investment with partners from the United Kingdom, Korea, Japan, and Germany.
“Bringing modern energy technology to parity would allow significant reductions in global pollution in both emerging and industrialized countries. It ensures that countries do not have to choose between development and decarbonization,” Morrison told in an emailed statement.
“However, Australia will not be able to scale and commercialize these inventions internationally on its own.”
Governments and private firms are among the co-investment partners, according to a person familiar with the proposals.
Global partners will commit three to five times what Australia will spend on science and pilot programs, according to Morrison.
The Australian government plans to save A$18 billion on technology in the next decade
Australia has committed to reducing carbon emissions by 26% to 28% below 2005 levels by 2030, as part of the global Paris Accord. Over the next decade, the government plans to save A$18 billion on technology, resulting in a 29% cut.
The funding, which will come from Australia’s upcoming budget, is the newest announcement from Canberra’s A$18 billion funds set up to invest in low-emission infrastructure in order to fulfill the country’s climate commitments.
On Wednesday, Morrison announced that his government would invest A$539.2 million to build hydrogen and carbon capture schemes. It includes the first specifics of how Australia wants to use the $18 billion. However, it remains to be seen if this would please the US.