The Australian government intends to invest AUD18bn (US$13bn) over the next decade in technologies to reduce CO2 emissions, focusing on hydrogen, energy storage, low carbon steel and aluminium, carbon capture and storage (CCS), and carbon sequestration in soil. The new policy targets reduced production cuts: hydrogen production cost under AUD2/kg (US$1.4/kg), long-duration energy storage (6-8h or more) dispatched at less than AUD100/MWh (US$71/MWh), low emissions steel production under AUD900/t (US$645/t), low emissions aluminium under AUD2,700/t (US$1,936/t), CCS–CO₂ compression, hub transport, and storage under AUD20/t (US$14/t) of CO₂ and soil carbon measurement under AUD3 (US$2.2) per hectare per year. The plan could avoid 250 MtCO2eq of emissions in Australia by 2040.
According to the Australian Department of Industry, Science, Energy and Resources, Australia's greenhouse gas (GHG) emissions dipped by 0.9% in 2019 (-5 MtCO2eq) to 532.5 MtCO2eq. In 2019, Australia's GHG emissions stood 13.7% below their 2005 level (the baseline year for the Paris Agreement). The country has committed to cut its emissions by 26-28% by 2030 from 2005 levels
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