pm fast-tracks renewable energy investment

Any coming CNM's way?

PM fast-tracks renewable energy investment
December 14, 2008 - 1:20PM
Source: ABC

Kevin Rudd: 'By shortening the fund's life, the environment and the economy benefit'
Photo: AAP
Prime Minister Kevin Rudd has laid the ground work for tomorrow's carbon pollution reduction scheme announcement by fast-tracking investment in solar and renewable energy.

The Federal Government's $500 million renewable energy fund will be delivered over the next 18 months rather than the six years, as previously announced.

Mr Rudd made the announcement today at a solar farm at Windorah in Queensland's far south-west.

He says by shortening the fund's life, the environment and the economy benefit.

"It's good for jobs, it's good for stimulus, it's good for acting on climate change," he said.

$100 million will be allocated to solar power and renewable energy in 2008 - 2009, with $400 million to be spent over the next two years.

Mr Rudd says it is time for Australia's solar revolution and the money will see more solar farms built.

"We need to make this solar energy revolution, this renewable energy revolution real for households across Australia, real for communities across Australia and also real for businesses as well," he said.

"It reduces the use of diesel and therefore cuts back on greenhouse gases."

Mr Rudd was scheduled to leave Windorah shortly after making the announcement, but his plane has broken down.