New Australian fund to accelerate development of low-emissions technology

Xinhua
23 Nov 2022, 17:05 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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Australian Herald.

More Information

25 ℃

Partly Cloudy in Sydney

International

Section

China's President Xi to visit Vietnam from December 12

BEIJING, China: President Xi Jinping is set to visit Vietnam on December 12 and 13, where he will engage with ...

U.S. steps up delivery of bombs to Israel after defeating UN resolution

WASHINGTON, DC - Within hours of blocking a UN Security Council resolution from demanding a ceasefire in the current Mideast ...

Biden popularity near lowest level of presidency: Reuters/Ipsos poll

WASHINGTON D.C.: In a sign of the challenges ahead for his 2024 re-election bid, a new Reuters/Ipsos poll showed that ...

Israeli ambassador extends thanks to U.S. president after UN vote

Israel has acknowledged and thanked the United States and President Joe Biden for standing firmly by Israel's side at the ...

E-bike's battery catches fire in New York, killing 1, injuring 6

NEW YORK: This week, New York City officials said that one person was killed and six others were injured when ...

United Kingdom passes on crucial vote to end war in Gaza

NEW YORK, New York - The United Kingdom refrained from supporting demands for a ceasefire in the two-months long Israel-Gaza ...

Sydney

Section

Movie Review

The Philadelphia Story

Philadelphia Story