Investing in Australia’s Clean Energy Future
11 November 2011
With the passage of the Clean Energy Future Legislation this week, the Government will commit more than A$13 billion to finance and support renewable energy initiatives in Australia.
The legislation, passed by the Australian Senate on 8 November, 2011, will set a price on carbon from July 2012 and introduce a carbon trading scheme from July 2015. The legislation also supports the Government’s commitment to achieve a Renewable Energy Target of 20 per cent by 2020.
According to the Minister for Climate Change and Energy Efficiency, Greg Combet, the legislation will attract around A$100 billion worth of investment in Australia’s renewable energy sector by 2050.
The Australian Government will establish the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC) to boost growth, reduce costs, and attract investment in the renewable energy sector.
The new statutory body, ARENA, will administer A$3.2 billion to support Research and Development, and the demonstration and commercialisation of renewable energy technologies.
When it commences operations in 2013-14, the A$10 billion CEFC will work to overcome capital market barriers that hinder the financing, commercialisation and deployment of renewable energy, energy efficiency and low emissions technologies.
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