More than $1bn of Coalition’s climate funding could go to fossil fuel projects, analysis finds

‘Clean’ hydrogen and carbon capture and storage head list of funding pledges since net zero promise

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.

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(SOURCE) https://www.theguardian.com/environment/2022/may/21/more-than-1bn-of-coalitions-climate-funding-could-go-to-fossil-fuel-projects-analysis-finds

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