Australia to spend A$1.9 billion on renewable energy technology over next decade

Prime Minister Scott Morrison has revealed that Australia will spend A$1.9 billion in nascent renewable energy technology over the next 10 years as the government looks to boost the economy with investment in high growth sectors.

Ahead of the annual budget announcement next month, Morrison said it will include an allocation of $1.9 billion for its technology investment agencies to use in technologies such as clean hydrogen.

“The government will now focus its efforts on the next challenge: unlocking new technologies across the economy to help drive down costs, create jobs, improve reliability and reduce emissions,” Morrison said in an emailed statement.

“This will support our traditional industries – manufacturing, agriculture, transport – while positioning our economy for the future.”

Clean hydrogen is manufactured using renewable sources such as solar and wind energy and is set to become the next big focus for Australia’s energy industry and export market according to several reports.

The Australian Renewable Energy Agency (ARENA) said in a 2018 report that Australia could be sitting on a US$7 billion hydrogen export opportunity by 2020, servicing Asian markets like China, Japan, South Korea and Singapore.