Australia will invest A$1.9 billion ($1.39 billion) over the next 10 years in nascent renewable energy technology, Prime Minister Scott Morrison said as Canberra accelerates spending in a bid to revive its ailing economy.
Australia slipped into its first recession in nearly three decades, while effective unemployment is expected to top 13 per cent.
Ahead of its annual budget to be delivered in early October, Morrison said it will include an allocation of A$1.9 billion for its technology investment agencies to spend on 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.”
Australia is one of the world’s largest carbon emitters per capita due to its reliance on coal-fired power.
While Morrison is a strong supporter of coal, he said this week that gas would be central to supporting a recovery in manufacturing.