Part 2: Expense Measures (Continued)
Cross Portfolio
Renewable Energy Future Fund
| 2009‑10 | 2010‑11 | 2011‑12 | 2012‑13 | 2013‑14 | |
|---|---|---|---|---|---|
| Various Agencies | - | 42.0 | 352.0 | 149.0 | 109.5 |
The Government will provide $652.5 million over four years to establish a Renewable Energy Future Fund to support Australia's transition to a low pollution economy prior to the future commencement of the Carbon Pollution Reduction Scheme.
This Fund will form part of the Government's expanded $5.1 billion Clean Energy Initiative.
The Fund will provide additional support for the development and deployment of large‑ and small‑scale renewable energy projects. It will include partnerships between the Government and the private sector to make critical early‑stage investments to leverage private funds to support the commercialisation of renewable technologies.
The Fund will also be used to enhance Australia's take‑up of energy efficiency, helping businesses and households reduce their energy consumption.
Funding will be delivered through a number of departments and agencies, with the Department of Climate Change and Energy Efficiency coordinating Fund priorities and progress. Details of the specific commitments will be announced in the future and, hence, provision has been made in the Contingency Reserve for the funding at this stage.
All funding resulting from the deferral of the Carbon Pollution Reduction Scheme, as well as some existing departmental funding from within the Climate Change and Energy Efficiency portfolio, will be used to offset the cost of this measure. See also the related revenue measure titled Carbon Pollution Reduction Scheme — deferral.
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