“Picking winners” has been anathema to Australian policy-making for decades. The federal government’s technology investment roadmap bucks the trend, targeting public investments in specific low-emissions technologies.
The first low emissions technology statement, released on Tuesday by federal energy minister Angus Taylor, flags public investment in five areas: hydrogen, energy storage, low-carbon steel and aluminium, carbon capture and storage, and soil carbon storage.
It’s encouraging to see the government recognise its role in industry policy. Government support matters in the early stage of development for industries.
But it’s also important the government makes the right calls on technology investment. If not, we will lock in increases to carbon emissions, and lose potential economic benefits. So here’s a closer look at the good, the bad and the ugly of the low-emissions technology roadmap.