New Australian fund to accelerate development of low-emissions technology

Xinhua
23 Nov 2022, 12:35 GMT+10

CANBERRA, Nov. 23 (Xinhua) -- The Australian government has announced plans to establish a new fund to develop low-emissions technology.

Chris Bowen, minister for Climate Change and Energy, on Wednesday said the Powering Australia Technology Fund will help Australian businesses progress with innovative projects and technologies to reduce carbon dioxide emissions.

Coming under the remit of the Clean Energy Finance Corporation, the new fund will allow businesses to access up to 500 million Australian dollars (332.5 million U.S. dollars) in funding.

In a statement, Bowen said the fund would help support the commercialization of innovative new technologies, such as energy-efficient smart city sensors and innovations in solar arrays and battery technologies.

"While we excel in research, Australia has been losing out for too long when it comes to commercialization," he said.

"We need to continue developing innovative technologies that will help power Australia, and realising more of their economic benefits here."

It comes after the federal government recently struck a deal that could see its electric vehicle (EV) discount policy set to pass parliament.

Under the bill, low-emissions vehicles will be made exempt from import charges and fringe benefits taxes.

It means EVs could be up to 2,000 Australian dollars (1,330 U.S. dollars) cheaper for Australians.

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