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Big money is coming to CCUS sector and soon enough the wider...

  1. maachine
    91 Posts.
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    10/11/21
    08:30
    Post #: 57446705
    Big money is coming to CCUS sector and soon enough the wider public will be looking to take a position/investment in CCUS companies.
    ZEO has broad portfolio of projects underway at Griffith University and the University of Queensland = well placed !

    PM pledges $1b tech fund to help reach net zero

    Phillip Coorey
    Political editor
    Nov 9, 2021 – 10.30pm

    If established, it will fill a gap in the Australian market, where small technology-focused start-ups are often considered difficult to finance.

    “Australia can become a world leader in creating low-emissions technology that is both affordable and scalable, helping get emissions down while creating jobs,” Mr Morrison said in a statement.

    The announcement comes with a political wedge for the Opposition. The policy document says the legislation to create the new fund will also enable the CEFC to invest in carbon capture and storage, which is one of the six priority technologies the government is relying on to help achieve net zero.

    Labor to include carbon capture and storage on the basis that although it supports the technology, it should not be funded by renewable energy bodies such as the CEFC or ARENA.

    If established, the low-emissions fund will take to $21 billion the total committed over the next 10 years in loans, grants and direct investment to develop the technologies to reach net zero.

    The government expects to leverage between $3 and $5 for each dollar invested over the next 10 years.

    The reliance on the CEFC, established by the Gillard Labor government as part of its 2011 carbon price deal with the Greens, is a big departure from the early days of the Coalition government when it derided the CEFC as “the Bob Brown Bank” and tried to abolish it, along with ARENA. It was only stopped from doing so by the-then Palmer United Party in the Senate.

    Mr Morrison faced similar allegations of hypocrisy on Tuesday when he

    Flawed assertion

    During the 2019 campaign, he attacked Labor’s target of having electric vehicles constitute 50 per cent of new cars sold by 2030 as the end of the weekend. This was based on a flawed assertion that electric vehicles would be incapable of towing boats and caravans.

    Mr Morrison said he stood by his criticisms of Labor’s policy which was underpinned by plans to mandate an emissions standard of 105 grams of carbon dioxide per kilometre travelled for petrol and diesel cars.

    He said it would have driven up the price of petrol and forced people to buy expensive EVs.

    “I don’t have to tell them to get rid of the car they have now, that is what Labor wants to do,” he said. “I’m not going to put up the price of petrol and families and make them buy electric vehicles and walk away from the things they have.

    “I don’t have a problem with electric vehicles, I have a problem with governments telling people what to do and what vehicles they should drive and where they should drive them.”

    Import tariff

    Labor is not ruling out trying again to introduce cleaner fuel standards if it wins. So far it has only announced that, if elected, it will make EVs more affordable by exempting those below the Luxury Car Tax price threshold from the 5 per cent import tariff, and the 47 per cent fringe benefits tax on company and fleet cars.

    Shadow climate and energy minister Chris Bowen said without tax breaks, the uptake of EVs would be limited.

    “Petrol is the biggest contributor to household energy bills, and Morrison’s dishonest politics on this issue has kept electric vehicles out of reach for Australian families and businesses,” he said.

    The Electric Vehicle Council said Mr Morrison’s $250 million plan was a “fizzer” because EVs also needed subsidies, tax incentives, and the clean fuel standard Labor took to the last election.

    “Crucially, it also fails to deliver minimum fuel efficiency standards, which have been used in the US and Europe for decades.”

    Fuel efficiency standards require car manufacturers to sell vehicles with a combined level of emissions below a defined benchmark, encouraging the sale of zero-emission vehicles.

    is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on and . Email Phillip at
    Last edited by maachine: 10/11/21
    ZEO Price at posting: 9.8¢ Sentiment: Hold Disclosure: Held
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