Energy and Emissions Reduction Minister Angus Taylor will visit the United States to hold discussions with US Energy Secretary Dan Brouillette to sign an agreement that will allow Australia to access the crude oil held in the US Strategic Petroleum Reserve during an emergency.
The agreement comes as Australia’s oil reserves frequently tip into low levels well below the recommendation by the International Energy Agency (IEA). Australia signed an agreement with the IEA to store enough fuel for 90 days – a target Australia hasn’t met for eight years.
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Mr Taylor will visit the oil and gas state of Texas where he will meet key industry executives. He will also visit the US Government’s National Renewable Energy Laboratory (NREL) in Colorado, which is leading research into production of biological hydrogen as a new and clean source of energy.
The Australian Government has released a National Hydrogen Strategy designed to build Australia’s hydrogen industry into an international powerhouse. Hydrogen exports could be worth around $11 billion a year in additional GDP and generate 7,600 new jobs by 2050, many in regional Australia.
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In coming weeks, the Australian Government will be releasing its Technology Investment Roadmap consultation paper.
In a press statement, Mr Taylor said the government is committed to ambitious climate action.