LETA Media • Federal Budget a Missed Opportunity to Recognise the Potential of Low Emissions Technologies

Federal Budget a Missed Opportunity to Recognise the Potential of Low Emissions Technologies

The Federal Budget was a missed opportunity to recognise the potential of low emissions technologies and their role in securing Australia’s position in a global net zero future.

Prior to the Budget being handed down, Low Emission Technology Australia (LETA) called on the Government to focus on areas of importance for the development and implementation of essential low emissions technologies in Australia.

LETA lodged a submission to Treasury outlining five key recommendations for consideration in the preparation of the budget. LETA’s submission outlined the contribution that low emissions technologies can make to reducing emissions and the role the Federal Government can play in supporting these technologies and their application.

The recommendations were:

Implement a national carbon capture, utilisation, and storage (CCUS) strategy.
Expand the Carbon Capture Technologies Program.
Adopt a technology-neutral approach to support for hydrogen production.
Support mines to decarbonise by partnering with industry on scope one emissions abatement projects.
Include coal mining as an activity qualifying for equitable treatment as a trade-exposed industry under the Safeguard Mechanism.

LETA Chief Executive Officer Mark McCallum said that the Government can do more to support at-risk industries and secure Australia’s role in a low carbon economy.

“LETA would like to see the Government adopt a technology neutral approach to investment in the pathway to net zero to ensure a future for industries like steel, cement and power that support Australian jobs and households every day,” said Mr McCallum.

“The investment focus announced in the Budget risks relying on a too-narrow pathway to net zero that fails to maximise Australia’s strengths and places the future of our critical industries at risk.

“Expanding the focus to include low emissions technologies would increase opportunities to decarbonise and ensure that Australia is not left behind as nations across the world look to build clean energy economies of the future.

“Investment in low emissions technologies such as carbon capture, utilisation and storage (CCUS) and technologies that reduce emissions from mining would support the ongoing competitive advantage of Australia’s resource and energy exports and ensure that Australia remains globally competitive while meeting emissions reduction targets.

“As other nations like the US and UK invest tens of billions in low emissions technology, our long-term trading partners like Japan and Korea are looking to Australia for similar signals that we can be relied upon as a leading energy exporter and ensure international competitiveness in a lower-carbon future.”

LETA remains committed to collaborating with government, industry, and our international trading partners to further drive the deployment of vital low emissions technologies.

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