Australia will invest A$1.9 billion ($1.39 billion) over the next 10 years in nascent renewable energy technology, Prime Minister Scott Morrison said on Wednesday, as Canberra accelerates spending in a bid to revive its ailing economy.
Australia slipped into its first recession in nearly three decades, while effective unemployment is expected to top 13%.
Ahead of its annual budget to be delivered in early October, Morrison said it will include an allocation of A$1.9 billion for its technology investment agencies to spend on technologies such as clean hydrogen.
"The government will now focus its efforts on the next challenge: unlocking new technologies across the economy to help drive down costs, create jobs, improve reliability and reduce emissions," Morrison said in an emailed statement.
"This will support our traditional industries – manufacturing, agriculture, transport – while positioning our economy for the future."
Australia is one of the world's largest carbon emitters per capita due to its reliance on coal-fired power.
While Morrison is a strong supporter of coal, he said this week that gas would be central to supporting a recovery in manufacturing.
(Reporting by Colin Packham; Editing by Bernadette Baum)
