Foreign direct investment is supporting Australia to lower carbon emissions and move towards sustainable energy sources.
Investment in low-emission technologies
The Australian Government has prioritised investment in low-emission technologies. There are over A$7.5 billion in potential investment opportunities in renewable energy and hydrogen generation. Austrade has supported major international investments in renewable energy.
Neoen builds Australia’s largest solar farm
French renewables giant Neoen is building Australia’s largest solar farm. The A$600 million, 460 MWp Western Downs Green Power Hub is in southern Queensland. The Hub will displace 864,000 tonnes of CO2 per year.
Neoen has secured a 352 MWp power purchase agreement with CleanCo Queensland. The agreement is one of Australia’s most substantial renewable energy contracts to date. Austrade provided Neoen with an overview of the regulatory framework. It also helped Neoen navigate the Foreign Investment Review Board process.
Korea Zinc invests in 923 MW wind farm to power zinc refinery
Korea Zinc, one of the world’s largest zinc smelters, has invested in Queensland’s MacIntyre Wind Farm. Korea Zinc’s investment, alongside Acciona’s, will power the company’s zinc refinery in Townsville.
The investment supports Korea Zinc’s goal of becoming 100% renewable-powered by 2040. The 923 MW wind farm expects to reduce 3,000,000 tonnes of CO2 a year. Austrade provided Korea Zinc with partnering and visa assistance.
Sumitomo Forestry joins the Building 4.0 Cooperative Research Centre (CRC)
Japan-based Sumitomo Forestry has invested in the Building 4.0 CRC alongside government, business partners and tertiary institutions. The CRC researches sustainable building materials. It also aims to reduce overall construction and building CO2 emissions by 50%.
Sumitomo Forestry brings its Cross-Laminated Timber (CLT) knowledge to the CRC. The company uses the technology to build ‘skyscraper’-type office buildings using wooden materials. This increases sustainability and reduces CO2 emissions along the supply chain. Austrade provided partnering and market analysis to Sumitomo Forestry. The CRC’s work will help Australia become a world leader in sustainable building construction, maintenance and operations.
Green hydrogen to power Australia’s future
Clean, green hydrogen is a priority technology in Australia’s Low Emissions Technology Statement. The Australian Government is working towards a hydrogen economy that can generate over A$11 billion a year by 2050. Australia is developing major green hydrogen projects.
Mitsubishi Heavy Industries invests in Australia’s largest green electrolyser
Mitsubishi Heavy Industries (MHI) is investing in the developer of the Eyre Peninsula Gateway Project. The A$250 million project is Australia’s largest green electrolyser project. The Gateway expects to start producing green hydrogen and ammonia by the end of 2022.
MHI states that ‘...both [green hydrogen and ammonia] produce no carbon emissions either in the production or combustion stages’.
Hydrogen Energy Supply Chain connects Australia to Japan
The Hydrogen Energy Supply Chain is a project between industry and the Australian, Victorian and Japanese governments. It will produce and transport clean liquid hydrogen from Australia’s Latrobe Valley to Kobe, Japan. The world-first project started operating in March 2021. The Australian Government has contributed A$50 million towards the A$500 million collaboration. A commercial-sized project could save up to 1.8 million tonnes of CO2 emissions per year.
Click here to view the original article.