Remarks at CERAWEEK Ministerial Plenary 'Energy Resilience in the Asia-Pacific'

Video address

ANGUS TAYLOR:    Thank you, and it's great to be speaking at CERAWeek. 

I managed to get to Houston last year but didn't get to speak, so it's great to be able to speak now, and thank you to IHS Markit for hosting this event. 

We are absolutely committed to the Paris Agreement, to meeting and beating our 2030 targets, and to reaching net zero as soon as possible. 

But as you pointed out in your introduction, what's really critical here is outcomes, is delivering. 

And our track record is strong. 

We've invested about $35 billion in Australia in renewables since 2017. 

We've got the most solar and wind of any country outside of Europe. The highest level of household solar in the world, indeed. 

And in 2019, we deployed renewables at 10 times the global average, four times faster per person in Europe, China or the United States. 

Last year in the middle of a global pandemic, we set a record for renewables investment - 11 per cent higher than the year before.

Now, this really highlights our plan for the future which is a plan focused on technology, not taxes. Deployment of technology, not taxes.

And that's the only way we believe to reduce global emissions as well as our own in Australia, and grow our economies, grow prosperity and jobs at the same time. 

We're determined to create new industries, not destroy old ones. 

That's why last year I launched on behalf of the Government our Technology Investment Roadmap, which is $18 billion of investment in low emissions technologies over the next 10 years. 

We're aiming to leverage that into $70 billion of total investment based on our experience with one of the world's leading green banks, our Clean Energy Finance Corporation. $70 billion of investment by 2030.

The roadmap we've laid out prioritises five core technologies, beyond the very fast investment we're getting in solar and wind in Australia now. 

Hydrogen, long duration grid scale storage, low carbon steel and aluminium, carbon capture and storage, and soil carbon. 

The targets we've set for each technology are very specific, and they're targeted at getting to parity with existing incumbent technologies.

So, if you take hydrogen, for example, we're targeting getting the cost of hydrogen under AUD$2 per kilogram in the production of green hydrogen. 

We know at that level, it will be competitive – hydrogen - as an energy source for industry, power, heat generation, and so on.

Now, Australia is a trusted supplier of energy products to the Asia Pacific region, and we want to maintain that position. 

We think hydrogen is absolutely crucial to achieve that - competitive hydrogen - not only in terms of providing reliable, affordable energy, but decarbonising our customers' energy systems and industrial systems.

Getting those five technologies I've outlined right will make a real difference. 

They account for 90 per cent of global emissions, around 45 billion tonnes annually. 

And we are absolutely committed to achieving the outcomes we've laid out on each of those technologies.

Now, that requires international collaboration. 

We're absolutely committed to making sure we get that technology collaboration with countries across our region and our across our globe to achieve those technology outcomes.

In the lead-up to COP26, our international engagement will be led by our special advisor on low emissions technologies, Dr Alan Finkel. I have no doubt he'll be speaking to a number of you in the audience today. 

We want to work with our partner countries, our customer countries to deliver those technology solutions that are going to bring down emissions, strengthen our economies, create jobs, and drive investment.

Thank you again for having me here today.