australian govt provides a$15b to cut carbon

I like this comment in the article.
"The government wants to encourage innovation in low emissions and renewable technologies including wind and solar to build investment in clean energy generation"

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MAY 12, 2009, 5:34 A.M. ET Australian Govt Provides A$15B To Cut Carbon Emissions Article
CANBERRA (Dow Jones)--The Australian Government has earmarked more than A$15 billion for what Climate Change and Water Minister Penny Wong Tuesday said is a comprehensive and integrated suite of policies and programs aimed to cut carbon dioxide emissions and tackle climate change.

More than A$2.3 billion was provided in the 2008-09 budget, more than A$8 billion in additional funding has been allocated since that budget and a further A$4.8 billion is included in the fiscal 2009-10 budget starting July 1, she said.

Details of a carbon pollution reduction scheme, the government's main driver to achieve its goal, have previously been announced as have other programs.

But a range of other measures are also being employed, according to the budget papers.

"Climate change is the greatest social, economic and environmental challenge of our time," and just because the world confronts a global recession doesn't mean the threat from climate change can be ignored, Wong said.

Broadly, the government wants 20% of Australia's electricity to come from renewable sources by 2020, more than doubling from about 8% now.

The government wants to encourage innovation in low emissions and renewable technologies including wind and solar to build investment in clean energy generation, she said.

The sale and allocation of carbon pollution permits valued at A$4.5 billion in 2011-12 and A$13 billion in 2012-13 will directly stimulate investment and jobs in the low pollution economy of the future, she said

A A$4.5 billion clean energy initiative, which includes A$1.0 billion in existing funds, will provide A$2.0 billion over nine years to support the development of industrial scale projects for carbon capture and underground storage, she said.

These are expected to include a carbon dioxide storage hub and projects to demonstrate a range of technologies to capture carbon dioxide from coal-fired power stations, she said.

"The successful deployment of carbon capture and storage will facilitate Australia's transition to a low-pollution economy, generate the low pollution jobs of the future and help preserve the value of Australia's coal exports," she said.

The government has already attracted widespread support from other nations and major global companies for its carbon capture and storage institute, which was formally launched in April.

"The government will provide limited direct assistance to coal-fired electricity generators through an electricity sector adjustment scheme to assist these businesses to adjust to a carbon price," she said.

A Solar Flagships program will be funded to the tune of A$1.5 billion over six years to establish 1,000 megawatts extra capacity in large scale solar electricity generation.

"This ambitious target is three times the size of the largest solar energy project currently operating anywhere in the world," Wong said.

Renewables Australia agency will be established with A$465 million over four years to promote the development, commercialization and deployment of renewable technologies, she said.

More than A$4 billion has already been earmarked for energy efficiency measures to reduce energy use and carbon pollution, including a A$3.9 billion energy efficient homes program, she said.

-By Ray Brindal 612 6208 0902; [email protected]