Australia to boost funds for renewables, including hydropower

The Australian government will commit a further $652.5 million over four years to establish a Renewable Energy Future Fund to support Australia’s response to climate change, the government reported.

The fund will provide additional support for the development and deployment of large and small scale renewable energy projects, including wave energy hydropower, solar and other renewable energy developments. The government aims to enhance industrial, commercial and residential energy efficiency to help Australia’s businesses and households reduce their energy consumption.

The fund will include partnerships between the government and the private sector to make critical early stage investments to leverage private funds to support the commercialization of renewable technologies.

This fund will form part of the government’s expanded $5.1 billion Clean Energy Initiative, which includes the $2 billion Carbon Capture and Storage Flagships Program and the $1.5 billion Solar Flagships Program. It also will complement existing support provided through the government’s expanded Renewable Energy Target of 20 percent by 2020.

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