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The collapse of the $4 billion ZeroGen coal emissions storage project in Queensland shows the commercial world is starting the transition away from fossil fuels and towards a clean energy economy, the Australian Conservation Foundation said today.
“Despite receiving government subsidies of almost $160 million, the ZeroGen project has now collapsed twice in five years and we still have no commercial scale proof that carbon capture and storage actually works,” said ACF’s economic adviser Simon O’Connor.
“At the same time, investment in renewable energy globally is booming.
“Last year $243 billion was invested in renewable energy projects internationally and analysts expect a further $5.7 trillion to be invested over the next 25 years.
“While one industry is stumbling and falling, the other is on fire.
“It is a stark contrast that shows the timing is right to establish the independent and commercially-oriented $10 billion Clean Energy Finance Corporation (CEFC) in Australia so we can unlock our own clean energy boom.
“Globally, governments are realising the economic benefits of moving to clean energy and are setting up organisations just like the CEFC in the UK, the US, China, the Netherlands and Scandinavia.
“Australia cannot afford to be left behind.”
For more detail on the Clean Energy Finance Corporation and how it should be established see ACF’s report, Helping Australia Compete in the Renewable Energy Race.