Antinuclear

Julia Gillard delivers the goods for Australia’s renewable energy and carbon tax fairness

That need to unblock investment in emerging technologies seems to be the underlying reason behind the push by the Greens and environmental groups for two new statutory bodies, the Australian Renewable Energy Agency, and the Clean Energy Finance Corporation.

Both bodies will be independent and will sit beyond ministerial interference. 

Green light for renewables. Climate Spectator, Giles Parkinson 10 July 11, At a recent discussion in Sydney about the prospect of nuclear energy in this country, Resources and Energy Minister Martin Ferguson reflected that Australia may have no choice but to go nuclear if it was unable to find a clean energy alternative.

It was a valid point. The trouble was that few in the renewable energy industry
were confident that Ferguson would want to invest enough money, and early enough, to give them the best chance of developing new technologies and getting the scale of deployment needed to reduce costs.

That need to unblock investment in emerging technologies seems to be the underlying reason behind the push by the Greens and environmental groups for two new statutory bodies, the Australian Renewable Energy Agency, and the Clean Energy Finance Corporation.

Both bodies will be independent and will sit beyond ministerial interference. Furthermore, the Australian Energy Market Operator has been commissioned to plan for the time when the Australian grid operates with100 per cent renewable energy.

The government has announced that Arena will assume $3.2 billion of funding that had already been allocated to around 9 separate programs to be spent over 9 years.

However, another new statutory body, the Clean Energy Finance Corporation, will be created with $10 billion of funding to be spent over a period of 5 years from 2013/14, which will be allocated via commercial loans, concessional loans, loan guarantees and equity.

Half of the funds will be reserved for a renewable energy “stream”, while the other half will be allocated to a “general clean energy“ stream, but may also invest in renewables.  Officials say the first stream is designed to support emerging technologies such as solar and geothermal, as well as battery storage, although not necessarily as an extra boost to wind farms.

July 10, 2011 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, climate change - global warming, politics | climate change - global warming