Budget for clean energy

The Rudd government has announced a $4.5 billion investment for clean energy initiatives in its 2009/10 budget.

It will invest:

• $2.4 billion in low emissions coal technologies, including new funding of $2 billion in industrial-scale CCS projects under the Carbon Capture and StorageFlagships program;
• $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; and
• $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.

The government will establish Renewables Australia to promote the development, commercialisation and deployment of renewable technologies. It will operate at arm’s length from government, using a strategic investment approach under an expert board.

The Solar Flagships program will aim to create an additional 1000 MW of solar generation capacity. This ambitious target is three times the size of the largest solar energy project currently operating anywhere in the world.

Solar Flagships will seek to develop up to four individual generation plants on the national grid. These may demonstrate both solar thermal and solar photovoltaic (PV) technologies, and have electricity generation capacity equal to or greater than a current coal-fired power station.