‘Clean’ hydrogen and carbon capture and storage head list of funding pledges since net zero promise
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The Coalition has announced more than $1bn in climate funding that could go to fossil fuel developments since setting a target of reaching net zero emissions by 2050 last year, an analysis has found.
The bulk of the funding promised during the election campaign has been to develop “clean” hydrogen – a term often used to refer to hydrogen made with gas, a fossil fuel – and carbon capture and storage (CCS), which has had little success to date but oil and gas executives say will need to play a massive role if the world is to slash emissions.
$50m in the budget for a “future gas infrastructure investment framework”.
$20m for CarbonNet, a project that aims to capture and store carbon dioxide in an offshore reservoir in Gippsland in Victoria.
$66m in the budget for a “patent box” tax concession for “low emissions technology innovations”.
$200m for clean hydrogen and “low emissions technology partnerships” with Japan and South Korea.