Source: Australian Minister for Resources and Energy
In the country’s biggest ever renewable energy roll-out, the Australian Government will commit a further $652.5 million over four years to establish a Renewable Energy Future Fund to support Australia's response to climate change.
The Fund will provide additional support for the development and deployment of large and small scale renewable energy projects, for example further investments in geothermal, solar and wave energy; and to enhance take-up of industrial, commercial and residential energy efficiency, helping Australian businesses and households reduce their energy consumption.
The Fund will include partnerships between the Government and the private sector to make critical early stage investments to leverage private funds to support the commercialization of renewable technologies.
This Fund will form part of the Government's expanded $5.1 billion Clean Energy Initiative, which includes the $2 billion Carbon Capture and Storage Flagships Program and the $1.5 billion Solar Flagships Program announced in last year's budget.
It will also complement the existing support provided through the Government's expanded Renewable Energy Target of 20 per cent by 2020.
This additional funding brings the Government's total investments in renewable and clean energy and energy efficiency to over $10 billion.
The Renewable Energy Future Fund will be delivered through a number of departments and agencies, with the Department of Climate Change and Energy Efficiency coordinating Fund priorities and progress.
All funding resulting from the deferral of the Carbon Pollution Reduction Scheme, as well as some existing departmental funding from within the Climate Change and Energy Efficiency portfolio, will be used to offset the cost of this Fund.