Clean Energy Initiative
Brief description:
The Australian Government announced on May 12, 2009 that it will invest A$4.5 billion to support the growth of clean energy generation and new technologies, and to reduce carbon emissions and stimulate economic activity.
The Clean Energy Initiative will support clean technologies and industries and assist Australia's transition to a lower emissions path.
The Government will invest:
This represents an investment of $3.5 billion in new money by the Rudd Government in clean energy in this Budget. The CCS Flagships program supports the demonstration of large industrial scale projects in Australia, and may include a carbon dioxide storage hub. The two strategic technology priorities of CCS and solar will be underpinned by supporting specialised research, development and demonstration programs.
- A$2.4 billion in low emissions coal technologies, including new funding of $2 billion in industrial-scale CCS projects under the Carbon Capture and Storage Flagships program;
- A$1.6 billion in solar technologies, including new funding of $1.365 billion in a Solar Flagships program - helping position Australia as a world leader in this vital energy technology for the future;
- A$465 million to establish Renewables Australia to support leading-edge technology research and bring it to market, including new funding of $100 million. The new body will advise governments and the community on the implementation of renewable energy technologies, and support growth in skills and capacity for domestic and international markets.
