The Australian Government has released its Low Emissions Technology Statement 2021 (LETS 2021).
This is the second statement released under the Technology Investment Roadmap. It sets out Australia’s technology-led approach to accelerating the development of low emissions technologies essential to achieving net zero emissions.
We publish a Low Emissions Technology Statement every year. Each statement reports on the roadmap’s progress and reviews and refines our investment approach.
LETS 2021 introduces ultra low-cost solar as a new priority technology for investment. This includes a stretch goal of solar electricity generation at $15 per megawatt hour, about a third of today’s cost.
Ultra low-cost solar joins the existing priority technologies identified in last year’s statement:
- clean hydrogen
- energy storage
- low-emissions materials, like steel and aluminium
- carbon capture and storage
- soil carbon measurement.
LETS 2021 also highlights the enabling infrastructure needed to deploy low emissions technologies. The first 2 infrastructure priorities are:
- battery charging and hydrogen refuelling stations for electric vehicles
- a digital electricity grid.
The government has announced $1.7 billion to fund the actions in LETS 2021. This includes $565 million for low emissions technology partnerships with other countries.
The government will invest more than $20 billion in low emissions technologies over the next decade. This funding will drive at least $80 billion and up to $120 billion of combined public and private investment. It will also create 160,000 jobs.
