The Government is providing additional support for renewable energy and energy efficiency through its expanded $5.1 billion Clean Energy Initiative.
Renewable Energy Future Fund
The Government will invest $652 million over four years in a new Renewable Energy Future Fund, which will form part of the Government's expanded $5.1 billion Clean Energy Initiative.
The Fund will be used to provide further support for the development and deployment of large and small scale renewable energy projects, including wind, solar and biomass. Through partnerships with the private sector, it will support critical early stage investments to leverage private funds for the commercialisation of renewable technologies.
In addition, the Fund will be used to promote the take‑up of energy efficiency in Australia and help businesses and households reduce their energy consumption.
This measure brings the Government's total investment in renewable and clean energy and energy efficiency to over $10 billion.
Building on existing investments
The Fund will build on the Government's comprehensive portfolio of clean energy investments through the Clean Energy Initiative, including the Solar Flagships program and the Carbon Capture and Storage Flagships program.
The Fund also complements existing support through the Government's expanded Renewable Energy Target (RET), which will ensure that by 2020, 20 per cent of Australia's energy comes from renewable sources, such as wind, solar and geothermal. By 2020, the amount of electricity coming from renewables will be the same as our current household electricity use.
The recent tax reform package also recognised the importance of geothermal energy by expanding the definition of exploration expenditure to include geothermal exploration for the purposes of the new Resource Exploration Rebate.
Clean Energy Initiative