Australia is determined to reach its 20% national renewable energy target by 2020 and 40% target by 2050. The country will invest largely on renewable energy sources; seeding a $10 billion dollar fund in the next 5 years. This is more than double that of other investing countries like Britain who will invest a total of $4.5 billion in the coming years.
To manage the tax payers’ contributions the country will be establishing the Clean Energy Finance Corporation; headed by a board of banking and investment management. The board will be partnering with the business sector to unlock more clean energy potentials and investments, and the corporation is set to operate by 2013.
The Clean Energy Finance Corporation will function by loaning money or taking equity in solar power projects in Australia and other clean energy sources that cannot be funded by private lenders. The revenue of the loan will be again used for clean energy investments.
The collective funding will be used primarily on renewable energy projects like large scale solar panel installations and excluding all environmentally compromised energy sources like nuclear, bio-fuels from native forest wood waste, and carbon capture and storage. Another portion of the fund will be used to extensively grow hybrid energy sources like the Solar Dawn Project in Chinchilla, Queensland which combines solar thermal and gas.
A fraction of the fund will also be used for the development of supporting measures like energy efficient products as well as technological advancements in manufacturing renewable energy components. The corporation will also be utilising almost half a billion dollar in assisting farmers to reduce their carbon emission and to promote carbon storage in soil.
Australia’s renewable energy investment is said to increase up to $100 billion dollars by 2050 and so on until the ultimate goal 100% clean energy is reached.
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