The Low Emissions Technology Commercialisation Fund is part of the government’s overall plan to achieve net zero emissions by 2050. The Victorian Automotive Chamber of Commerce (VACC). welcomed the announcement on behalf of its 5000 members, the Chamber applauded the government initiative and its commitment to boosting local businesses.
In announcing the plan, Prime Minister Scott Morrison said Australia could become a world leader in creating affordable and scalable low-emissions technology. Prime Minister Morrison maintained the fund will back Australian early-stage companies, making venture capital investments, rather than offering grants or loans.
With a combination of $500 million of new capital for the Clean Energy Finance Corporation and $500 million from the private sector, the government is set to introduce legislation to establish the fund in this term of Parliament.
Mr Morrison assured Australians his government’s plan to reach net zero by 2050 is focused on technology, not taxes.