The Morrison Government is set to accelerate low emission technology development following the creation of a $1bn technology fund.

The Low Emissions Technology Commercialisation Fund (the Fund) intends to combine $500m of new capital for the Clean Energy Finance Corporation (CEFC) with the other half supplied from private sector investors.

With a goal to reach net zero by 2050, Prime Minister Scott Morrison said that the plan focuses on technology, not taxed, and the Fund backs early stage Australian companies to find new solutions.

“Australia can become a world leader in creating low emissions technology that is both affordable and scalable, helping get emissions down while creating jobs,” he added.

Along with the Fund, the Government has committed to more than $21bn of public investment in low emissions technologies by 2030, including the planned establishment of seven Clean Hydrogen Industrial Hubs around the country.

“Our investment will leverage 3-5x that amount in co-investment from the private sector and other levels of government, or between $84m and $126bn in total investment by 2030,” added Angus Taylor, Minister for Industry, Energy and Emissions Reduction.

In addition to hydrogen hubs, the Fund will allow for further investment in carbon capture and storage (CCS) technologies.