11 May 2010
The Australian Government will commit $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 commercialisation of renewable technologies. 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. Details of the specific commitments under the Fund will be announced shortly.