Australia putting $738M into low emissions investment fund

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — Australia’s Prime Minister Scott Morrison has launched a $738 million investment fund to fast-track emerging low emissions technologies including carbon capture and storage. The ruling conservative coalition wants the fund to be administered by the Clean Energy Finance Corp., a government-owned green bank. But that would require a change in the law because the corporation can only invest in technologies that have proved to work such as wind and solar. It cannot invest in more experimental technologies with longer-term potential such a carbon capture and storage. The center-left opposition Labor Party left open the possibility of supporting the legislation in the Senate.