Decarbonising Australia’s Heavy Industries: A 30-year Project That Costs $625 Billion
Six hundred and twenty-five billion dollars (US$ 432 billion) is the hefty price tag for an ambitious plan to decarbonise Australia’s heavy industries in the next 30 years.
Climate Change and Energy Minister Chris Bowen has launched a report (pdf) that outlines the roadmap to reduce the Australia’s industry emissions by 92 percent as the country seeks to limit global warming to 1.5 degrees Celsius.
The report is a three-year project conducted under the Australian Industry Energy Transitions Initiative, with the engagement of some of the nation’s largest companies.
Details of the Plan
The report stated that the federal government and local businesses had to invest $20.8 billion per year on average to decarbonise the industry sector by 2050….