Government pledges $1.1 billion over ten years to grow low-carbon liquid fuel industry
The federal government has announced funding budgeted at $1.1 billion “to help unlock the vast economic opportunities” offered by low-carbon liquid fuels, and claiming that the nation “has the ingredients needed to make cleaner liquid alternatives to fossil fuels” made from materials such as agricultural waste.
Citing Clean Energy Finance Corporation (CEFC) estimates, the government said that such a liquid fuel industry could add $36 billion to the nation’s economy by 2050, with untapped potential existing in growing local refining and value-adding.