SYDNEY – Australia will invest $1.9 billion over the next 10 years in nascent renewable energy technology, Prime Minister Scott Morrison says, 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 $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.

Reuters