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Federal budget in favour of renewable energy

The 2012-2013 Federal budget have proven to be favourable to the Australian solar and clean energy industry. The “Clean Energy Future” package should provide a strong push with solar through a combination of the carbon price, renewable energy target and the Clean Energy Finance Corporation, which will receive $10 billion in renewable energy, low emission technologies and energy efficiency.

$37.1 million has been allocated, under the new Federal budget, over four years to assist in establishing a nationally consistent legislative framework for Greenhouse and Energy Minimum Standards to replace existing laws. Further, the Australian Renewable Energy Agency will receive $3.2 billion post 1st July 2012 to support research and development, demonstration, commercialisation and deployment of renewable energy.

Finally, a $200 million Clean Technology Innovation Program will support business investment in research and development, proof of concept and early stages of commercialisation of clean technologies, operating for five years starting 2012-2013.

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