Ampol service stations have been given access to a $100 million Clean Energy Finance Corporation (CEFC) fund to further decarbonise its operations.
The CEFC’s website states the organisation backs “cleaner energy, a modern grid, and the latest solutions to store, manage and transmit energy.”
Potential initiatives include the construction of electric vehicle charging and green hydrogen refuelling infrastructure, the installation of solar PV and the development of alternative energy sources such as biofuels and sustainable aviation fuels.
CEFC CEO Ian Learmonth says the organisation’s focus is beginning to shift to difficult to overcome obstacles in decarbonising the transport industry.
“As Australia works to electrify the economy in pursuit of net zero emissions by 2050, the CEFC has stepped up its focus on those sectors like transport, where electrification is more challenging,” Learmonth says.
“Established industry players have a significant role to play in the transition to cleaner alternative fuels. After more than a century moving motorists and goods around the country, Ampol is well positioned to help Australia forge a new transport network powered by renewable energy and fit for the future.
“By harnessing Ampol’s extensive critical infrastructure, including service stations, liquid fuel storage and distribution, as well as its supply chain connections to the marine, agriculture, mining and aviation sectors, this investment will demonstrate how fuel companies can be a part of the solution to the transport emissions challenge.”
Climateworks estimates freight makes up roughly 40 per cent of the transport sector’s emissions, with the sector set to grow by 26 per cent by 2050 due to increased consumer growth and demand.
As it stands, the transport sector as a whole is projected to become Australia’s leading greenhouse gas emitter by 2030.
CEFC Executive Director Alternative Fuels Rupert Maloney says Ampol’s agreement with the CEFC is an indication of one of the nation’s largest fuel providers is “stepping up to the plate” of helping decarbonise the transport industry.
“CEFC capital is important to help overcome challenges in those sectors like transport that are proving difficult to abate. We are pleased to provide the flexible finance that will enable Ampol to make the longer-term investment decisions to progress its Future Energy and Decarbonisation Strategies,” Maloney says.
“By developing solutions to help its customers drive down emissions, Ampol is stepping up to the challenge of decarbonising the Australian transport sector and helping drive down national emissions.”
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