The Australian government has committed A$250m (鈧�147m) to the development of low-carbon liquid fuels (LCLF) from its A$1.7bn Future Made in Australia Fund.
As part of the Future Made in Australia programme, the federal government has recognised LCLF - including sustainable aviation fuel and renewable diesel - as being key to Australia鈥檚 transition to net zero, offering a decarbonisation pathway for many hard-to-abate sectors including aviation, shipping and heavy transport, said a consortium formed to establish an integrated renewable fuels supply chain in Australia.
In July last year, IFM Investors, Ampol and GrainCorp formed a partnership to jointly advocate for targeted supply and demand incentives to support the growth of a domestic market for LCLF.
Danny Elia, global head of asset management at described the government鈥檚 investment as a step in the right direction which would move the industry closer to take-off.
鈥淲e will continue to work with the government and our partners to accelerate superannuation investment in the energy transition in areas that can generate risk-adjusted returns for our clients and their millions of members.鈥�
Ampol managing director and CEO, Matt Halliday, said: 鈥淭he development of a domestic renewable fuels supply chain and unlocking the many benefits it could bring to Australia can only be realised if industry and government work together to achieve supportive policy settings.鈥�
Robert Spurway, GrainCorp CEO, said the government鈥檚 investment was a critical step in building an Australian renewable fuels industry, creating new opportunities for agriculture and regional communities.
鈥淐rop-based oils, like canola, will play a key role in supplying the feedstocks needed for the domestic production of sustainable aviation fuel and renewable diesel,鈥� he said.
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