The Clean Energy Finance Corporation (CEFC) has committed $100 million to finance clean energy initiatives with Ampol, one of Australia’s leading fuel suppliers.
The investment aims to harness Ampol’s extensive infrastructure, expertise, and supply networks to decarbonise the emissions-intensive transport sector, forecasted to become Australia’s largest source of greenhouse gas emissions by 2030.
“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,” Ian Learmonth, CEFC CEO said.
“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.”
The CEFC capital will fund a range of clean technology measures at Ampol service stations nationwide. Potential projects include the rollout of electric vehicle charging and green hydrogen refueling infrastructure, installation of solar panels, and development of alternative energy sources such as biofuels and sustainable aviation fuel.
According to CEFC, the transport sector currently accounts for 23 per cent of Australia’s total greenhouse gas emissions and is the fastest-growing source.
With freight estimated to make up 40 per cent of transport emissions, decarbonising this sector is crucial as it is predicted to grow 26 per cent by 2050 due to economic and population factors.
Australia has seen a rapid uptake of electric vehicles, with numbers more than doubling in 2023. However, charging infrastructure lags behind, with only 812 stations across the country at the end of last year – one of the lowest public charging capacities per electric vehicle globally, CEFC said.
For more renewable and solar news, subscribe to ecogeneration.