The Australian Government welcomed the signing of a Memorandum of Understanding (MOU) between Ampol, GrainCorp, and IFM.
The MOU will explore the creation of Australia's own integrated renewable fuels industry.
The first step is to assess the feasibility of building a renewable fuels facility in Brisbane, Queensland. The facility will use local feedstocks.
This project aims to develop sustainable aviation fuel and renewable diesel to reduce emissions. The goal is to provide secure fuel for the transport sector that is cheaper and cleaner.
The announcement aligns with the government's 2024-25 budget commitments. This includes:
- $1.7 billion investment over the next decade through the Future Made in Australia Innovation Fund
- $18.5 million to create a certification scheme for these fuels
- $1.5 million for an impact analysis on demand-side measures.
The government consulted on the 'A Future Made in Australia: Unlocking Australia's low carbon liquid fuel opportunity'. Industry and community feedback will help shape further government actions to develop low carbon liquid fuels in Australia.
Establishing this industry will help:
- create new jobs
- reduce liquid fuel emissions to support our net zero 2050 target
- enhance our long-term fuel security.
