Australia to set up $740 mln fund to develop low-emissions technology

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SYDNEY, Nov 10 (Businesshala) – Australia will set up a $1 billion ($740 million) fund to invest in companies to develop low-emissions technology, Prime Minister Scott Morrison said on Wednesday, as the country cuts carbon emissions. And wants to hit. Net-zero target by 2050.

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Under the plan, the federal government will pay $500 million to a fund matched by private investors, which will be used to back early-stage companies in developing technologies, including carbon capture and storage.

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“Our plan to reach Net Zero by 2050 is an Australian one focused on technology, not tax, and this fund helps Australian companies find new solutions,” Morrison said in a statement.

To allow Clean Energy Finance Corp. to fund carbon capture and storage, the federal government will introduce legislation to establish the fund, which is not allowed under the current terms.

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The move comes a day after the federal government pledged $178 million ($132 million) to increase the rollout of hydrogen refueling and charging stations for electric vehicles.

Australia, heavily reliant on coal and gas exports, is targeting carbon capture and storage, and hydrogen development to help lower emissions, while still allowing the use of gas and coal.

Last month, Australia said it would target net-zero carbon emissions by 2050 to reduce international criticism, but at the same time would not set the target and instead rely on consumers and companies to reduce emissions .

($1 = 1.3517 Australian Dollar)

Reporting by Renju Jose; Editing by Peter Cooney

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