Minister wants an end to the ‘green premium’

By Tom Ravlic

September 2, 2021

Minister for Energy Angus Taylor
Minister for Energy Angus Taylor. (AAP Image/Mick Tsikas)

Getting rid of the so-called ‘green premium’ – the difference between the price of current technologies and zero carbon alternatives – is the key to getting people to buy environmentally friendly technology, Angus Taylor, the Minister for Energy Emissions and Emissions Reduction told a Bank of America Japan conference this week.

Taylor told the virtual audience that getting technologies to the point where the cost about the same would mean countries would not need to choose between growing their economy and establishing a carbon zero environment.

The minister said Australia leads the world in household solar per person and that it had the most “wind and solar per person of any country outside Europe”.

“Growth in renewable energy has been so rapid that by 2030 it is forecast it will supply more than half of our electricity,” Taylor said.

“And that has been driven, in large part, by Australian households and businesses investing in renewables because it makes sense for them and their needs.

“We need to repeat that success, globally, with hydrogen, carbon capture technologies, green steel and aluminium and soil carbon.”

The minister also told the conference that Australia was partnering with other jurisdictions such as Japan to work on the development of technologies that are seen as mission critical.

Energies being looked at via partnership arrangements include clean hydrogen, batteries, carbon capture and recycling, low zero carbon steel and aluminium.

“These technologies will be essential to slashing emissions around the world. Together, they will help reduce or even eliminate emissions from sectors responsible for 90 per cent of the world’s emissions,” he said.

There are four key areas that the minister says Australia and Japan will prioritise and these are: lower emissions LNG production, transport and use; clean fuel ammonia, clean hydrogen and derivatives produced from renewable energy or from fossil fuels with substantial carbon capture, utilisation and storage; carbon capture utilisation and storage as well as carbon recycling; and low emissions steel and iron ore.

“This partnership builds on our already strong cooperation through initiatives such as the $496 million Hydrogen Energy Supply Chain (HESC) project, the Japan-Australia Energy and Resources Dialogue (JAERD) and the Australia-Japan Joint Statement of Cooperation on Hydrogen and Fuel Cells,” Taylor said.

“The HESC project is a particularly exciting example of a practical project based on a strong international partnership.

“This project will see the world’s first liquefied hydrogen supply chain established between Victoria here in Australia and Japan.”


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