Australia launches $1bn cleantech fund
Australia launched a new renewable energy fund on Wednesday and will channel A$1bn towards clean technology innovation
Australia launched a new renewable energy fund on Wednesday and will channel A$1 billion (£535 million) towards clean technology innovation in a major shift for the country’s climate policies.
Prime Minister Malcolm Turnbull announced the new fund and the move signifies a major departure from former Prime Minister Tony Abbott’s approach to clean energy development and environmental issues.
Climate change sceptic Abbott was ousted by the Conservative party and replaced by Turnbull in September.
Mr Turnbull has also been criticised for his strong support for the fossil fuel industry and for scrapping an ambitious carbon tax and emissions trading scheme in 2014.
The Australian Prime Minister said the new fund will focus on investing in advanced clean energy technologies.
Speaking to the media Mr Turnbull said: “What that is going to do is every year invest A$100 million in the smartest, most cutting edge Australian clean energy technologies and businesses to ensure that we… play our part in cracking the very hard problems, the challenging technical difficulties that we face in terms of reducing emissions.”
As part of the COP21 Paris climate negotiations last year, Abbott pledged to reduce Australia’s carbon emissions by 26-28 per cent of 2005 levels by 2030.
Turnbull also confirmed on Wednesday that the Clean Energy Finance Corporation and the Australian Renewable Energy Agency would be retained after Abbott made efforts to scrap the two organisations.
Australia is the world’s biggest exporter of coal and is one of the largest carbon emitters per capita due to its reliance on coal-fired power plants.
Environment Minister Greg Hunt said the fund would help the country achieve the ultimate aim of reducing greenhouse gas emissions to zero.
Mr hunt said: “This will be investing in storage, in new battery technology, in smart grids, in some of the exciting solar visions that people have hoped for and imagined for Australia but which are only now really becoming reality,” he said.
