The Plan shows how our priority technologies will deliver 85 per cent of the emissions reductions necessary to achieve net zero by 2050. Australia is a world leader in renewable energy, and cheap, clean electricity is integral to lowering emissions in the electricity sector and other industries in Australia. As part of the annual update to the Technology Investment Roadmap, we have set a stretch goal of solar electricity generation at $15 per megawatt hour (MWh). The Plan also identifies the potential for continued technology advances and breakthroughs to unlock ultra low cost solar. Over the next decade, our existing $20 billion investment in low emissions technology is expected to unlock at least $80 billion of total private and public investment, including in clean hydrogen, carbon capture and storage and energy storage. The Plan focuses on driving down technology costs and accelerating their deployment at scale across the economy. The principles are: technology not taxes expand choices not mandates drive down the cost of a range of new technologies keep energy prices down with affordable and reliable power and, be accountable for progress. The Plan is based on our existing policies and will be guided by five principles that will ensure Australia’s shift to a net zero economy will not put industries, regions or jobs at risk. The technology-driven plan sets out a credible pathway to net zero by 2050, while preserving our existing industries, establishing Australia as a leader in low emissions technologies, and positioning our regions to prosper. Prime Minister Scott Morrison and Minister for Industry, Energy and Emissions Reduction Angus Taylor today released Australia’s Long Term Emissions Reduction Plan (the Plan), to deliver net zero emissions by 2050. The Morrison Government will act in a practical, responsible way to deliver net zero emissions by 2050 while preserving Australian jobs and generating new opportunities for industries and regional Australia. Joint media release with Prime Minister the Hon Scott Morrison MP

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