Australia's intervention at the G7 Climate and Environment Ministerial
20 May 2021
ANGUS TAYLOR: Many thanks to George Eustice, my friend Alok Sharma, and to all speakers for your introductions.
Australia supports and welcomes the G7’s focus on action.
For our part, we are committed to achieving net zero emissions as soon as we can, and preferably by 2050, and to meeting and exceeding our 2030 commitment, as we already have with our 2020 commitments. And we are already well and truly on track to do this.
Our focus is on getting new technologies to parity with existing approaches – or preferably even cheaper.
This is a practical approach with global application.
One that enables and transforms industries through the power of technology and economics, not taxes that eliminate them and the jobs and livelihoods they support and create.
We’re investing $20 billion to bring technologies like hydrogen, energy storage, carbon capture, soil carbon and green steel and aluminium to parity.
We expect this to leverage more than $80 billion of co-investment by 2030.
And we know this is achievable because that’s our track record:
- Our low emissions technology innovation agency, ARENA, has leveraged $3 of co-investment for every $1 committed.
- Our Clean Energy Finance Corporation – the world’s largest green bank – has driven more than $30 billion of investment, with a focus on making technologies that are approaching parity, bankable and financeable.
- And our Emissions Reduction Fund, one of the world’s largest and most rigorous carbon offset schemes, has delivered more than 88 million tonnes of abatement.
This month, we have committed $1.2 billion to support practical international partnerships, and joint investment in projects and initiatives with the potential for real impact, like the development of five clean hydrogen export hubs.
We want to step up our collaboration in the run up to COP26 and beyond – to work together on the ‘how’ of reducing emissions – and together, deliver on our shared ambition.
I’ll hand over to my colleague, Sussan Ley, Australia’s Minister for the Environment.