<article><p class="lead">The Australian government today unveiled an A$1.9bn ($1.38bn) plan for low emissions energy technology, with the funding largely channelled through state agencies the Clean Energy Finance Corporation (CEFC) and the Australia Renewable Energy Agency (Arena), which will be required to broaden its spending to projects such as carbon capture and storage for the oil and gas sector.</p><p>Arena and the CEFC will use the funds to finance technologies that will cut emissions in agriculture, manufacturing, industry and transport, said Australian prime minister Scott Morrison. Some funds will be used to finance electric, and bio-fuelled vehicle projects.</p><p>The funding is part of its policy to reach its pledge under the 2015 Paris climate agreement, which was to cut greenhouse gas emissions by 26-28pc from 2005 levels of 610.6mn t, which implies emissions must fall to 451.8mn t by the end of 2030. Preliminary estimates of total emissions for the year to June 2020 are as low as <a href="https://direct.argusmedia.com/newsandanalysis/article/2137001">518mn t of CO2e</a>, a recent inventory report showed.</p><p class="bylines">By Kevin Morrison</p></article>
