Australia and the United Kingdom have initiated a partnership to boost the commercial viability of low emissions technologies, and make them globally scalable.
Federal Minister for Energy and Emissions Reduction, Angus Taylor, and UK Secretary of State for Business, Energy and Industrial Strategy, the Rt Hon Kwasi Kwarteng MP, signed a Letter of Intent between Australia and the United Kingdom to establish the partnership.
Cooperation will focus on research and development across six key technologies including:
- Clean hydrogen
- Carbon capture and use (CCUS)
- Carbon capture and storage (CCS)
- Small modular reactors including advanced nuclear designs and enabling technologies
- Low emissions materials including green steel and soil carbon measurement
Mr Taylor said this partnership is aligned with Australia’s technology-led approach to reducing emissions and will help deliver on the goals of the Technology Investment Roadmap.
“Australia is continuing to drive practical international partnerships to get new energy technologies to commercial parity with existing approaches,” Mr Taylor said.
“Getting new energy technologies to parity will enable substantial reductions in global emissions – in both developing and developed countries – and ensure countries don’t have to choose between growth and decarbonisation.
“Collaborating more closely with key partners like the UK means we are positioning Australia to succeed by investing in the new technologies that will support industry, create jobs and reduce emissions.”
The first initiative under the partnership is developing a joint industry challenge to increase the competitiveness of industry, reduce emissions and support economic growth.
The Federal Government has committed $565.8 million to build new international technology partnerships that make low emissions technologies cheaper and drive investment in Australia-based projects to create up to 2,500 jobs and build on partnerships already entered into with Germany, Singapore and Japan.